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    sweetipize's Avatar
    sweetipize Posts: 1, Reputation: 1
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    #1

    Mar 2, 2008, 03:07 PM
    Updfating a post closing trial balance into a current month.
    :confused: I was given a completed post closing trial balance for February. I was asked to set up the general journal, auxiliary petty cash, payroll register and the special journals.
    The book indicates to "be sure to update ledger accounts based on givan information in post-closing trial balance for Feb.28 before beginning." How do I begin? Do I place these post-closing entries into the one of the special journals for March? Please help.

    Sincerely,

    Mel
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Mar 4, 2008, 06:59 PM
    I think what they're trying to say is to take your balances from Feb 28 and enter them into the ledgers as beginning balances for March 1. These unclosed accounts carry forward and their balances still exist, so you must have those balances in the ledger accounts. Journals never have beginning balances. (And the post-closing isn't "entries." It's just balances.)
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