I need to know what an adjusting entry, closing entry, and a post-closing trial balance look like. I will give you the figures of you need them.

An adjusting entry is simply an adjustment to a specific account(s) balance due to errors, missed postings, etc. Closing entries are reversing entries made to the final balances in the income and expense accounts and posting the profit or loss to retained earnings. The post closing trial balance is a list of balance sheet accounts (assets, liabilities, and capital) that should balance once adjusting entries and closing entries are made. (e.g. assets = liabilities + capital) If you want to give specific examples I will be glad to try and help.

An adjusting entry is simply an adjustment to a specific account(s) balance due to errors, missed postings, etc.

Not true. Those are correcting entries, not adjusting entries.

Lizl, here's another post I made that has some general information about adjusting entries, i.e. some basics of what they are about and why they are made.

http://www.askmehelpdesk.com/finance-accounting/adjusting-trial-balance-192929.html

For a bit more on closing, see this thread:

http://www.askmehelpdesk.com/finance-accounting/temporary-accounts-188059.html

Here is a site that may help you
netmba.com

on the left hand side there is a space to search netmba for adjusting and closing entries.

Also, a post-closing trial balance is your trial balance after you post your adjusting and closing entries.

Here is a copy of one from my prior homework:

AAA company
Post-Closing Trial Balance
September 30, 199X

Debit Credit
Account:
Cash 29,343
Accounts receivable 4,200
Prepaid rent 2,700
Prepaid insurance 2,200
Photographic supplies 315
Office supplies 125
Land 7,500
Photographic equipment 52,900
Accum depreciation- photo equipment 400
Office equipment 29,000
Accum depreciation- office equipment 250
Vehicle 12,500
Accum depreciation- vehicle 500
Accounts payable 7,930
Note payable 20,000
Salary payable 350
Interest payable 100
Unearned photographic service revenue 5,500
Philip Browning, Capital 105,753
Total 140,783 140,783

An adjusting entry is simply an adjustment to a specific account(s) balance due to errors, missed postings, etc. Closing entries are reversing entries made to the final balances in the income and expense accounts and posting the profit or loss to retained earnings. The post closing trial balance is a list of balance sheet accounts (assets, liabilities, and capital) that should balance once adjusting entries and closing entries are made. (e.g. assets = liabilities + capital) If you want to give specific examples I will be glad to try and help.

Thanks for the explanation. I would appreciate a specific example.

Nnennachioke.

Adjustment entries to P&L Account and Balance Sheet

To make sure that the expenses of an accounting period are matched with the revenues, entries are made at the end of an accounting period to "adjust" the account balances accordingly.
EXAMPLE: The amount of an asset that is used up during the accounting period is transferred to the corresponding expense account.

Prepaid Insurance : You pay for this up front, but you may only use a portion of it during the accounting period for which you are ending so you take the actual amount that was used and place that in your "Insurance expense" account, now your Prepaid insurance account will show a balance of what is left in that account after subtracting the used amount.

I hope this helps

To make sure that the expenses of an accounting period are matched with the revenues, entries are made at the end of an accounting period to "adjust" the account balances accordingly.
EXAMPLE: The amount of an asset that is used up during the accounting period is transferred to the corresponding expense account.

Prepaid Insurance : You pay for this up front, but you may only use a portion of it during the accounting period for which you are ending so you take the actual amount that was used and place that in your "Insurance expense" account, now your Prepaid insurance account will show a balance of what is left in that account after subtracting the used amount.

I hope this helps


Would that be reverse entry?

That's an adjusting entry. You're again mixing them up. You're also again digging up old threads.