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Q. Describe about post-closing trial balance?
A post-closing trial balance is trial balances taken subsequent to the closing entries have been posted. The only accounts that must be open are liabilities, assets and capital stock and Retained Earnings accounts. List every account balances in the debit and credit columns and total them to make sure debits and credits are equal.
The amounts in the post-closing trial balance are as of the ledger after the closing entries have been posted. The subsequently section briefly describes the evolution of accounting systems from the one-journal to one-ledger manual system you have been studying to computerized systems. After that we discuss the role of an accounting system.
journalizing payroll transactions, for Keller Systems;Inc, paid cash for april's payroll tax liability. withheld taxes from april payrolls; employee income tax,$532.00; social se
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what are the basics of accounting
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Q. Explain about Cost of goods sold? Cost of goods sold is the main expense in merchandising companies. Note the cost of goods sold segment of the classified income statement i
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