Which of these accounts is included in the post-closing trial balance? A. Supplies Expense B. Ac

step 1 Okay, so we will understand the meaning of permanent account that is one of the type of accounts

Which of these accounts is included in the post-closing...

Labs

Want to see this concept in action?

NEW

Explore this concept interactively to see how it behaves as you change inputs.

View Labs

Key Concepts

Post-Closing Trial Balance

This is a list of the permanent account balances remaining after the closing entries have been made at the end of an accounting period. It ensures that only those accounts which carry forward to the next period, such as assets, liabilities, and equity, are included.

Permanent Accounts

These accounts represent assets, liabilities, and equity that are not closed at the end of an accounting period. Their balances are carried forward to the next period, which is why they are the only accounts included in a post-closing trial balance.

Temporary Accounts

These include revenues, expenses, gains, and losses that are closed to a permanent account at the end of each period. Because their balances are reset to zero, they do not appear on the post-closing trial balance.

Closing Entries

These are journal entries made at the end of the accounting period to transfer the balances of temporary accounts to permanent accounts, effectively resetting the temporary accounts and ensuring that only permanent accounts appear on the post-closing trial balance.

Transcript

Please give Ace some feedback