Question: What is the purpose of the post closing trial balance
What is the purpose of the post- closing trial balance? What is the difference between a trial balance and a post- closing trial balance?
Answer to relevant QuestionsWrite the third closing entry to transfer the net income or net loss to the P. Hernandez, Capital account, assuming the following: a. A net income of $ 3,842 during the first quarter (Jan.– Mar.) b. A net loss of $ 1,781 ...Classify the following accounts as real (permanent) or nominal (temporary) and indicate with an X whether the account is closed. Also indicate the financial statement in which each account will appear. The Building account ...Indicate with an X whether each of the following would appear on the income statement, statement of owner’s equity, or balance sheet. An item may appear on more than one statement. The first item is provided as anexample.The partial work sheet for Emil Consulting for June is as follows:Required 1. Write the owner’s name on the Capital and Drawing T accounts. 2. Record the account balances in the T accounts for owner’s equity, revenue, ...Why is there generally a difference between the balance in the Cash account on the company’s books and the balance on the bank statement?
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