The trial balance prepared after all of the temporary accounts have been closed is called a post-closing trial balance.
9) The Income Summary account can be found on the worksheet.
10) The post-closing trial balance contains the true ending figure for Capital.
11) The post-closing trial balance is used to determine if the ledger is in balance after closing.
12) All closing entries must be posted before preparing the post-closing trial balance.
13) When the post-closing trial balance is prepared, the adjusting entries have not been made.
14) Closing entries are normally prepared after the post-closing trial balance is prepared.
15) The post-closing trial balance comes before the closing entries are posted.
16) The Post-Closing Trial Balance contains the Opening Balance of Capital.
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