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    kennyl370's Avatar
    kennyl370 Posts: 2, Reputation: 1
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    #1

    Apr 23, 2012, 06:38 PM
    Preparing Closing entries from Beginning balance and Preclosing Trial Balance help
    I am trying to complete a homework assignment and have been staring at the information my professor has given me for about 6 hours now and am still at a complete loss/standstill. Would anyone mind answering how you come up with the closing entries from only the beginning balance and preclosing trial balance? Thank you for any way you can help me!
    kennyl370's Avatar
    kennyl370 Posts: 2, Reputation: 1
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    #2

    Apr 23, 2012, 07:08 PM
    Ok, so I actually believe that I just figured out how to do the closing entries from just the Pre-closing Trial Balance and have a different question to ask. It should be perfectly possible to come out with a negative number for Net Assets shouldn't it? That would just mean that your organization ended up losing money that year?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #3

    Apr 23, 2012, 07:46 PM
    Yep
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