Don’t forget which accounts temporary and which ones are permanent. Remember, temporary accounts must have a ZERO balance after the closing process is complete.
Post-Closing Trial Balance – Debit/Credit Totals $21,925
If the debit/credit total is incorrect, check the following account balances to verify that the amounts are correct. If the amounts are not correct, go back and check your work. Prepaid Insurance $1,650 Unused Supplies $350 Acc dep – Truck $208 Unearned repair revenue $2,000 Retained Earnings $1,617
To find errors: 1. Check your math 2. Verify that balances were transferred correctly 3. Check that the balances were placed in the correct debit/credit column