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Section 2 Posting Closing Entries and Preparing a Post-Closing Trial Balance

Chapter 10. $. Section 2 Posting Closing Entries and Preparing a Post-Closing Trial Balance. $. What You’ll Learn How to record closing entries in the general ledger. The purpose of a post-closing trial balance. How to prepare a post-closing trial balance. $. $.

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Section 2 Posting Closing Entries and Preparing a Post-Closing Trial Balance

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  1. Chapter 10 $ Section 2 Posting Closing Entries and Preparing a Post-Closing Trial Balance $ • What You’ll Learn • How to record closing entries in the general ledger. • The purpose of a post-closing trial balance. • How to prepare a post-closing trial balance. $ $

  2. Section 2 Posting Closing Entries and Preparing a Post-Closing Trial Balance (cont'd.) Chapter 10 $ Why It’s Important A post-closing trial balance verifies that the closing entries are properly recorded in the general ledger and that you are ready to start the next accounting period. $ $ $ • Key Terms • post-closing trial balance

  3. Section 2 Posting Closing Entries and Preparing a Post-Closing Trial Balance (cont'd.) Chapter 10 $ Completing the Eighth Step in the Accounting Cycle: Posting Closing Entries to the General Ledger $ $ $

  4. Section 2 Posting Closing Entries and Preparing a Post-Closing Trial Balance (cont'd.) Chapter 10 $ The Ninth Step in the Accounting Cycle: Preparing a Post-Closing Trial Balance $ • Prepared to make sure total debits equal total credits after the closing entries are posted. $ $

  5. Section 2 Posting Closing Entries and Preparing a Post-Closing Trial Balance (cont'd.) Chapter 10 $ Check Your Understanding $ After the closing process,what types of accounts have balances other than zero, and what types of accounts have zero balances? $ $

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