Why is a postclosing trial balance prepared? a. To ensure the general journal is in balance after
Question:
Why is a postclosing trial balance prepared?
a. To ensure the general journal is in balance after the adjusting and closing entries are journalized
b. To ensure the general ledger is in balance after the adjusting and closing entries are posted
c. To ensure that all transactions have been journalized
d. To ensure that all transactions have been posted
Step by Step Answer:
The correct answer is d To ensure that all transactions have been posted A p...View the full answer
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Business questions
-
The Fashion Rack has a monthly accounting period. The firms chart of accounts is shown below and on the next page. The journals used to record transactions are the sales journal, purchases journal,...
-
Adjusting entries are journalized and posted to the ledger B A worksheet is prepared C An unadjusted trial balance is prepared D Transactions are analyzed and recorded in the journal E Closing...
-
Before the 2020 basic financial statements, both government-wide and the fund can be prepared for the City of Bingham, you must first record and post adjusting and closing entries for governmental...
-
Find the eccentricity of the hyperbola. Then find and graph the hyperbolas foci and directrices. x 2 - y 2 = 1
-
X Ltd. is a GST registrant. At the end of last year, the class 10.1 UCC balance was $24,500. In the current year, X Ltd. disposed of the class 10.1 car for $28,000. The car had originally cost...
-
Selected financial data for Bahama Bay and Caribbean Key are as follows: Required: 1. Calculate the debt to equity ratio for Bahama Bay and Caribbean Key for the most recent year. Which company has...
-
A hedged firm purchase or sale commitment typically qualifies for fair value hedge accounting if the hedge is documented to be effective. Compare the accounting for both the derivative and the firm...
-
Southern Sporting Goods Company makes basketballs and footballs. Each product is produced from two resourcesrubber and leather. The resource requirements for each product and the total resources...
-
You are considering a project that requires an initial investment of $50,000. It's expected cash flows are $10,000 per year for the next 6 years. The cost of capital is 10%. What is this project's...
-
The Rump Organization (Rump), an SEC registrant, is a commercial real estate company that purchases and constructs commercial property. On the basis of the corporate restructuring plan, Rumps CEO,...
-
A completed worksheet for The Best Group is shown below. INSTRUCTIONS 1. Record balances as of December 31, 20X1, in the ledger accounts. 2. Journalize (use 3 as the page number) and post the...
-
The Income Summary account is a temporary: a. Liability account. b. Expense account. c. Drawing account. d. Owners equity account.
-
Delmarva Power is a utility company that would like to predict the monthly heating bill for a household in Kent County during the month of January. A random sample of households in the county was...
-
Complete the "Leadership Vision Questionnaire" in Chapter 7 (p176). Reflect on your results and complete the following prompts: Share the results from your questionnaire. Be sure to include the final...
-
1. Prepare el Presupuesto Operacional hasta completar el COGS (70 puntos) La empresa ACCO 295 tiene una venta proyectada de $450,000 Cada unidad se vende $450 Su inventario inicial 300 (costo $125)...
-
Continuing Case 65. Retirement Income Forecast Jamie Lee and Ross, now 57 and still very active, have plenty of time on their hands now that the triplets are away at college. They both realized that...
-
The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances: Cash...
-
Harry and Sally went to a large hardware store and told the salesperson they wanted the cheapest rotating clothesline in stock, provided it would bear a heavy load of washing. The salesperson assured...
-
Sketch the following planes in the window [0, 5] [0, 5] [0, 5]. z = y
-
Kenneth Hubbard has prepared the following list of statements about managerial accounting and financial accounting. 1. Financial accounting focuses on providing information to internal users. 2....
-
What is a ledger?
-
In what order are accounts arranged in the general ledger? Why?
-
In what order are accounts arranged in the general ledger? Why?
-
Be prepared to explain the texts comprehensive To illustrate the issues related to interest capitalization, assume that on November 1, 2016, Shalla Company contracted Pfeifer Construction Co. to...
-
On April 1, 2020. Indigo Company received a condemnation award of $473,000 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway....
-
The market price of a stock is $24.55 and it is expected to pay a dividend of $1.44 next year. The required rate of return is 11.23%. What is the expected growth rate of the dividend? Submit Answer...
Study smarter with the SolutionInn App