What accounts appear on the post-closing trial balance?
Understand the Problem
The question is asking about the accounts that are included in the post-closing trial balance, which is a report prepared after closing entries are made in the accounting cycle. It typically includes only permanent accounts, or balance sheet accounts, since temporary accounts are closed during this process.
Answer
Permanent accounts like assets, liabilities, and equity appear on the post-closing trial balance.
The accounts that appear on the post-closing trial balance are permanent accounts, such as assets, liabilities, and equity accounts.
Answer for screen readers
The accounts that appear on the post-closing trial balance are permanent accounts, such as assets, liabilities, and equity accounts.
More Information
The post-closing trial balance ensures that all temporary accounts are closed and only permanent accounts, such as those related to the balance sheet, remain.
Tips
A common mistake is including temporary accounts such as revenues and expenses in the post-closing trial balance. These should be excluded.
Sources
- Post-Closing Trial Balance: Definition, Example and FAQs - Indeed - indeed.com
- 1.16 Post-Closing Trial Balance - The Pennsylvania State University - psu.pb.unizin.org
- What is Post-Closing Trial Balance? (With Example) - Suozziforny - suozziforny.com
