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    niccole's Avatar
    niccole Posts: 9, Reputation: 1
    New Member
     
    #1

    Oct 7, 2008, 01:07 PM
    Trial Balance & Post Close Trial Balance
    Iím struggling with both trial balance and post close trial balance. From my understanding the post trial balance should include all items that would show on the balance sheet right? It would show total assets and total liabilities right? The assets and expenses would be under debit and liabilities, equity and revenue would be under credit, right? So if thatís the case, wouldnít it all balance out because mines is not balancing. On the debit side I have: accounts receivable, accumulated depreciation-equipment, cash, equipment, merchandise inventory, prepaid insurance, depreciation expense, cost of merchandise sold, general expense, interest expenses, salary expense, selling expense, common stock, On the credit side I have: accounts payable, salaries payable, interest revenue & sales. Because itís not balancing Iím guessing that I am including something I should not be. And the post-close trial balance should not include items that would show on my income statement account because those accounts are temporary. Is that true?
    MLSNC's Avatar
    MLSNC Posts: 158, Reputation: 17
    Junior Member
     
    #2

    Oct 7, 2008, 05:19 PM

    From what you have said look at the following -

    You state that you have common stock as a debit balance. It should have a credit balance.

    You are not showing any retained earnings which normally has a credit balance.

    Hope this helps.
    niccole's Avatar
    niccole Posts: 9, Reputation: 1
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    #3

    Oct 7, 2008, 05:41 PM
    Should it balance out? Should my credits be equal to my debits?
    MLSNC's Avatar
    MLSNC Posts: 158, Reputation: 17
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    #4

    Oct 7, 2008, 07:52 PM

    Yes, debits should equal credits. Also a post closing trial balance should only have balance sheet accounts as the revenues and expenses should be closed.
    azeem_khan's Avatar
    azeem_khan Posts: 2, Reputation: 1
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    #5

    Jan 27, 2012, 11:02 AM
    Not this type answer OK numerical type question
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #6

    Jan 27, 2012, 12:26 PM
    What is your question?

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