Explain the difference between the adjusted trial balance and the post-closing trial balance. Explain what Retained...

Explain the difference between the adjusted trial balance and the post-closing trial balance. Explain what Retained Earnings are and how it is computed. Include at least one online source with your response.(minimum 600 words, maximum 750 words) Explain in detail please.

Expert Solution

ekkarill92 answered 1 year ago

The post-closing trial balance differs from the adjusted trial balance in that it does not

The post-closing trial balance differs from the adjusted trial balance in that it does not include income statement accounts take into account adjusting entries take into account closing entries include balance sheet accounts

Explain the difference between the adjusted trial balance and the postclosing trial balance.

Which of the following accounts appear on the adjusted trial balance but not on the post-closing...

Which of the following accounts appear on the adjusted trial balance but not on the post-closing trial balance? a. revenue, expenses, capital b. revenue, expenses, unearned revenue c. revenue, expenses, income summary d. revenue, expenses, withdrawals The capital balance on the adjusted trial balance equals the a. ending capital balance b. beginning capital balance c. beginning capital balance plus net income d. beginning capital balance plus investments this period

Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial...

Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial Balance July 31, 2018 Debit Balances Credit Balances Cash 41,100 Accounts Receivable 317,400 Supplies 5,000 Equipment 162,750 Accumulated Depreciation - Equipment 73,300 Accounts Payable 82,500 Salaries Payable 5,500 Unearned Rent 12,000 Common Stock 65,000 Retained Earnings 287,950 879,250 173,250 Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct. If an amount box does...

What is the purpose of the post-closing trial balance?

Prepare a post closing trial balance

Prepare a post closing trial balance.

Prepare a post-closing trial balance.

Below is the closing entries for the year ended December 31, 2017 (b2) Prepare a post-closing trial balance. Crane Company Post-Closing Trial Balance Debit Credit Totals

Which of the following statements about the post-closing trial balance is correct? A) The post-closing trial...

Which of the following statements about the post-closing trial balance is correct? A) The post-closing trial balance is a report prepared before the adjustments and the financial statements to prove that debits equal credits. B) The post-closing trial balance will be distributed to investors and other stakeholders along with the financial statements. C) The post-closing trial balance is an internal report prepared at the end of the accounting cycle. D) The post-closing trial balance proves that all entries have been...

Exercise 4-6 Preparing closing entries and the post-closing trial balance LO2,3,4 CHECK FIGURE: Post-closing trial balance...

Exercise 4-6 Preparing closing entries and the post-closing trial balance LO2,3,4 CHECK FIGURE: Post-closing trial balance columns = $51,300 The adjusted trial balance at April 30,2017 for Willard Co. follows Debit Credit 101 Cash 3,600 106 Account receivable 8,500 153 Trucks 26,000 154 Accumulated depreciation, trucks 8,250 193 Franchise 13,200 201 Accounts Payable 9,600 209 Salaries Payable 3,200 233 Unearned Revenue 1,300 301 Sid Willard, capital 29,100 302 Sid Willard, withdrawals. 9,600 401 Plumbing Revenue 42,050 611 Depreciation Expense, Trucks...

Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance. The following information applies to...

Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance. The following information applies to the questions displayed below.] Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2018. Accounts Payable $ 602 Accounts Receivable 302 Accumulated Depreciation 902 Cash 302 Common Stock 202 Deferred Revenue 202 Depreciation Expense...

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