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LESSON 16-3

LESSON 16-3. Preparing a Post-Closing Trial Balance. 3. 2. 4. 5. 7. POST-CLOSING TRIAL BALANCE. page 496. 1. Heading. 1. 2. Accounts that have balances. 3. Balances of asset accounts. 4. Balances contra asset, liability, and capital accounts. 5. Word Totals. 6. Totals.

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LESSON 16-3

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  1. LESSON 16-3 Preparing a Post-Closing Trial Balance

  2. 3 2 4 5 7 POST-CLOSING TRIAL BALANCE page 496 1. Heading 1 2. Accounts that have balances 3. Balances of asset accounts 4. Balances contra asset, liability, and capital accounts 5. Word Totals 6. Totals 7. Double lines 6 LESSON 16-3

  3. ACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATION page 497 1. Source documents are checked, and transactions are analyzed. 1 2 2. Transactions are recorded in journals. 3. Journal entries are posted to the accounts payable ledger, the accounts receivable ledger, and the general ledger. 3 4 5 4. Schedules of accounts payable and account receivable are prepared from the subsidiary ledgers. 5. A work sheet is prepared from the general ledger. (continued on next slide) LESSON 16-3

  4. 6. Financial statements are prepared. ACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATION page 497 7. Adjusting and closing entries are journalized from the work sheet. 9 8. Adjusting and closing entries are posted to the general ledger. 9. A post-closing trial balance of the general ledger is prepared. 8 7 6 (continued from previous slide) LESSON 16-3

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