REVIEW:

  1. Answer Self-Study Test Questions #5 & #1-3 on page 200–check your answers on page 214
  2. Do Checkpoint Exercise #2 on page 201–check your answer on page 215

LO3–Prepare a post-closing trial balance.

  1. WATCH THIS VIDEO
  2. Post-Closing Trial Balance (See Figure 6-10)
    1. Prepared to prove the total sum of the debit balances and the total sum of the credit balances in the general ledger accounts are equal.
    2. All amounts reflected on the post-closing trial balance are the same as in the Balance Sheet columns of the work sheet except drawing and capital which are changed during the closing process.
  3. In-Class Exercise:
    1. P6-8A–DOWNLOAD THIS SPREADSHEET & ENABLE EDITING
    2. P6-8B–DOWNLOAD THIS SPREADSHEET & ENABLE EDITING