Embed Size (px)
DESCRIPTION
LESSON 16-3. Preparing a Post-Closing Trial Balance. 3. 2. 4. 5. 7. POST-CLOSING TRIAL BALANCE. page 496. 1.Heading. 1. 2.Accounts that have balances. 3.Balances of asset accounts. 4.Balances contra asset, liability, and capital accounts. 5.Word Totals. 6.Totals. - PowerPoint PPT Presentation
Citation preview
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 16-3LESSON 16-3
Preparing a Post-Closing Trial Balance
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
2
LESSON 16-3
3. Balances of asset accounts
4. Balances contra asset, liability, and capital accounts
POST-CLOSING TRIAL BALANCEPOST-CLOSING TRIAL BALANCE
11
66
page 496
7. Double lines
6. Totals
5. Word Totals
2. Accounts that have balances
1. Heading
22
33
44
7755
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
3
LESSON 16-3
ACCOUNTING CYCLE FOR A MERCHANDISING ACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATIONBUSINESS ORGANIZED AS A CORPORATION
11
22
33
44
55
page 497
(continued on next slide)
1. Source documents are checked, and transactions are analyzed.
2. Transactions are recorded in journals.
3. Journal entries are posted to the accounts payable ledger, the accounts receivable ledger, and the general ledger.
4. Schedules of accounts payable and account receivable are prepared from the subsidiary ledgers.
5. A work sheet is prepared from the general ledger.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
4
LESSON 16-3
ACCOUNTING CYCLE FOR A MERCHANDISING ACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATIONBUSINESS ORGANIZED AS A CORPORATION
6. Financial statements are prepared.
page 497
(continued from previous slide)
66
77
88
99
9. A post-closing trial balance of the general ledger is prepared.
8. Adjusting and closing entries are posted to the general ledger.
7. Adjusting and closing entries are journalized from the work sheet.
