5 2 Prepare a Post-Closing Trial Balance Principles of Accounting, Volume 1: Financial Accounting

A trial balance may contain all the major accounting items, including assets, liabilities, equity, revenues, expenses, gains, and losses. There are no special conventions about how trial balances should be prepared, and they may be completed as often as a company needs them. Each month, you prepare a trial balance showing your company’s position. After preparing your trial balance this month, you discover that it does not balance. The total of the debit side is placed in the debit column and the total of the credit side in the credit column of the trial balance. The total of the debit column and credit column should be the same.

  • To get the numbers in these columns, you take the number in the trial balance column and add or subtract any number found in the adjustment column.
  • For example, let’s
    assume the following is the trial balance for Printing Plus.
  • The computer and bank loan accounts have single entries on one side, like the furniture account, so they need to be treated in the sam