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Prepare a post closing trial balance?

In: Business Accounting and Bookkeeping, Accounts Payable, Financial Statements [Edit categories]

Answer:

I can't actually do on here for you, however I can explain what a Post Closing Trial Balance is and how to get one.

A Post Closing Trial Balance is a Trial Balance that is prepared only after all "closing" entries have been made to the Ledger and all adjustments have been made from the Journal, leaving only the permanent balance sheet accounts remain open. This is to check clerical accuracy and to prove that the accounting equation is in balance before the next accounting equation begins.

To make your PCTB simply take the balances from the permanent accounts and list the in the PCTB with the balances, listing assets first (debits) then liabilities, owners equity next (credits) and balancing the account.

Contributor:

JosephAllen2005

First answer by JosephAllen2005. Last edit by JosephAllen2005. Contributor trust: 113 [recommend contributor ]. Question popularity: 1 [recommend question].

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Relevant answers:

What appears on the post-closing trial balance?
Income SummaryCapital accountCashFees Earned
What does a post closing trial balance contain?
The post closing trial balance contains all accounts that are in the General Ledger, with the exception of any "closed accounts" such as revenue, expenses, etc. A post closing trial balance is...
What does a post-closing trial balance contain?
Usually, a post-closing trial balance is prepared after the closing process; therefore. it contains balance sheet accounts. Only balance of retained earnings is different, the rest are the same of...
A post-closing trial balance contains?
Post-Closing literally translated means "after the closing". A post-closing trial balance is created after all temporary accounts (expenses, revenue) are closed to the income summary and then the...
Are sales on a post closing trial balance?
No, Sales, as a Revenue Account of the Income Statement, is a temporary account, which should not appear on the post-closing trial balance.