LESSON 16-3
Preparing a Post-Closing
Trial Balance

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
2

POST-CLOSING TRIAL BALANCE

page 496

1. Heading
2. Accounts that have
balances

1

3. Balances of asset accounts

3
2
...
3
ACCOUNTING CYCLE FOR A MERCHANDISING
BUSINESS ORGANIZED AS A CORPORATION
1
2

3
4
5

(continued on next slide)

page 497...
4
ACCOUNTING CYCLE FOR A MERCHANDISING
BUSINESS ORGANIZED AS A CORPORATION

page 497

6. Financial statements are prepared...
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Lesson 16 3

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Lesson 16 3

  1. 1. LESSON 16-3 Preparing a Post-Closing Trial Balance CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
  2. 2. 2 POST-CLOSING TRIAL BALANCE page 496 1. Heading 2. Accounts that have balances 1 3. Balances of asset accounts 3 2 5 4. Balances contra asset, liability, and capital accounts 4 6 5. Word Totals 6. Totals 7. Double lines 7 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 16-3
  3. 3. 3 ACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATION 1 2 3 4 5 (continued on next slide) page 497 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 LESSON 16-3
  4. 4. 4 ACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATION page 497 6. Financial statements are prepared. 7. Adjusting and closing entries are journalized from the work sheet. 8. Adjusting and closing entries are posted to the general ledger. 9. A post-closing trial balance of the general ledger is prepared. 9 8 7 6 (continued from previous slide) CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 16-3

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