[matmck]

I have attempted the Paul Hooke question. Everything balanced but when I reach the post closing trial balance I am not getting it to balance.

[pready]

For the post closing trial balane you need to close out your revenue Accounts and expense Accounts to the Income Summary Account, then close out the Income Summary Account to your Retained Earnings Account. This is basically transferring your Net Income to Retained Eanings. Also you will close out Dividends to Retained Earnings and the Owners Drawing account to the Owners Capital account

[vero1234]

The Lea King Corporation reported at the end of the year a LIFO Reserve of $50000. The beginning LIFO Reserve was $40000. The Cost of Goods Sold was $395000 under LIFO.