基础会计(英文版)(第二版)Chapter04_Accounting_Cycle_III_Closing_Entries_and_Post-closing_Trial_Balance教材教学课件.pptVIP

Chapter 4 Accounting Cycle (III): Closing Entries and Post-closing Trial Balance 2 more “follow-up” steps ① the closing procedure; ② preparation of a post-closing trial balance. In accounting practice, a business usually makes closing entries only at the end of its fiscal year. Closing Entries Reduce its balance to zero-- debiting the account by the same amount of its credit balance, or crediting the account by the same amount of its debit balance. ? If Debit balance How to close? If Credit balance Temporary-equity accounts VS permanent accounts Temporary-equity accounts : apply to onl