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follow instructions from step 5 picture, use documemts to complete To complete Step 5 5a. Write out the closing entries continuing on the journal paper
follow instructions from step 5 picture, use documemts to complete
To complete Step 5 5a. Write out the closing entries continuing on the journal paper from earlier steps (the journal entry paper in the file of blank documents) See Illustration 4.32 in textbook or Ch 4 notes 5 b. Post the closing entries to same old page of Taccounts (You should have many 0 balances now) See Illustration 4.33 in book (page 4-29) or Chapter 4 notes. This is like resetting the stopwatch for the next race. 5c. and prepare the Post-Closing Trial Balance on the Trial Balances worksheet in the third set of columns... See Illustration 4.34. This will (should) balance!!! That is why we check! Remember that the ending balance of Retained Earnings should show both in the T-accounts and on the Post-Closing Trial Balance. To complete Step 5 5a. Write out the closing entries continuing on the journal paper from earlier steps (the journal entry paper in the file of blank documents) See Illustration 4.32 in textbook or Ch 4 notes 5 b. Post the closing entries to same old page of Taccounts (You should have many 0 balances now) See Illustration 4.33 in book (page 4-29) or Chapter 4 notes. This is like resetting the stopwatch for the next race. 5c. and prepare the Post-Closing Trial Balance on the Trial Balances worksheet in the third set of columns... See Illustration 4.34. This will (should) balance!!! That is why we check! Remember that the ending balance of Retained Earnings should show both in the T-accounts and on the Post-Closing Trial Balance Step by Step Solution
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