WebApr 8, 2024 · C.A post-closing trial balance will not contain revenue and expense account balances. D.Adjusting entries must be journalized and posted before the closing entries are journalized and posted. 61.Which of the following statements is not correct? A.If the post-closing trial balance does not balance, there are errors in the accounting records. WebMar 14, 2024 · Example of a Closing Entry. 1. Close Revenue Accounts. Clear the balance of the revenue account by debiting revenue and crediting income …
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WebMay 18, 2024 · All businesses have adjusting entries that they’ll need to make before closing the accounting period. These adjusting entries include depreciation expenses, prepaid expenses, insurance... WebThe statements, prepared after making the adjusting entries, but before closing entries for the year ended December 31, 2024, are as follows: SHANNON SUPPLIES, INC. Balance Sheet December 31, 2024 ($ in You are an internal auditor for Shannon Supplies, Inc., and are reviewing the company’s preliminary financial statements. WebThe closing of the income statement accounts (revenues, expenses, gains, losses) by transferring their balances to the owner's capital account or the corporation's retained earnings account. This is done after the company's financial statements for the year … star wars helmets paintball goggles