The temporary accounts have therefore not been listed in post-closing trial balance. The debit and credit column totals should be in balance. Take into account closing entries. Closing entries to the general ledger reduce the balance of each expense to zero; the accounts are not included in the post-closing trial balance. The balances of all temporary accounts (revenue, expense, dividend and income summary accounts) have become zero as a result of closing entries. The totals on the balance sheet will not equal the totals on the post-closing trial balance due to contra accounts. 132. Do I need to included Discount allowed and received, interest on loan, freight outwards, electricity, rent commission received. Ch. Find Find arrow_forward. A. My post trial balance does not add up.I have included: Bank, capital, debtors, creditors, office furniture and equipment, accum dep'n office furniture and equipment, GST payable, Accured expenses, loan - bank Prepaid Expenses, Dep'n Office Furniture exp, Stock on hand. C. Include income statement accounts. D. Include balance sheet accounts 5 - Use the following T-accounts to prepare the four... Ch. Principles of Accounting Volume 1. Land B. ... Ch. Notice that the post-closing trial balance lists only permanent or balance sheet accounts. Take into account adjusting entries. A) Revenues and expenses are not included in a post-closing trial balance. The post-closing trial balance differs from the adjusted trial balance in that it? include income statement accounts. The post-closing trial balance differs from the adjusted trial balance in that it a. does not take into account closing entries b. does not take into account adjusting entries c. does not include balance sheet accounts d. does not include income statement accounts Trial Balance does not include closing stock while the Balance Sheet does not include opening stock. The post-closing trial balance differs from the adjusted trial balance in that it does not. 5 - Use the following Adjusted Trial Balance to... Ch. Recheck the Unbalanced Trial Balance Column Totals. 5 - Assume that the first two closing entries have... Ch. Notes Payable C. Retained Earnings D. Dividends. Of the following steps of the accounting cycle, which step should be completed last? 19th Edition. 1. B. Retained Earnings Once the income statement accounts have been closed, net income is determined and dividends for the period are subtracted from net income. Closing Stock Not Shown in Trial Balance. a. does not take into account adjusting entries b. does not include income statement accounts To help identify the reasons why a trial balance may not balance the following steps can be taken. The reason why closing stock is not shown in trial balance takes into consideration whether or not the closing stock has been adjusted with purchases or not. 5 - The following Post-Closing Trial Balance contains... Ch. An adjusted trial balance is prepared. A. Which of these accounts is not included in the post-closing trial balance? The account Accumulated Depreciation will have a credit balance and it will be listed in the credit column of the trial balance. A trial balance is simply a listing of the debit and credit balances for each account in the accounting ledgers. We will use the contra account Accumulated Depreciation to illustrate why this occurs. 5 - Assuming the following Adjusted Trial Balance,... Ch. 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