Trial Balance & Post Close Trial Balance
I’m 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 that’s the case, wouldn’t 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 it’s not balancing I’m 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?
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