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Section 2Posting Closing Entries and Preparing a Post-Closing Trial Balance

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Section 2 Posting Closing Entries and Preparing a Post-Closing Trial Balance What You ll Learn How to record closing entries in the general ledger. – PowerPoint PPT presentation

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Title: Section 2Posting Closing Entries and Preparing a Post-Closing Trial Balance


1
Chapter 10

Section 2 Posting Closing Entries and Preparing a
Post-Closing Trial Balance
  • What Youll Learn
  • How to record closing entries in the general
    ledger. The purpose of the Income Summary
    account.
  • The purpose of a post-closing trial balance.
  • How to prepare a post-closing trial balance.



2
Section 2 Posting Closing Entries and Preparing a
Post-Closing Trial Balance (cont.)
Chapter 10

Why Its Important A post-closing trial balance
verifies that the closing entries are properly
recorded in the general ledger and that you are
ready to start the next accounting period.


  • Key Terms
  • post-closing trial balance

3
Section 2 Posting Closing Entries and Preparing a
Post-Closing Trial Balance (cont.)
Chapter 10

Completing the Eighth Step in the Accounting
Cycle Posting Closing Entries to the General
Ledger



4
Section 2 Posting Closing Entries and Preparing a
Post-Closing Trial Balance (cont.)
Chapter 10

The Ninth Step in the Accounting Cycle Preparing
a Post-Closing Trial Balance
  • Prepared to make sure total debits equal total
    credits after the closing entries are posted.



5
Section 2 Posting Closing Entries and Preparing a
Post-Closing Trial Balance (cont.)
Chapter 10

Check Your Understanding

Xxx

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