which-of-these-accounts-is-not-included-in-the-post-closing-trial-balance-a-land-b-notes-payable-c-r

Question

Which of these accounts is not included in the post-closing trial balance?
A. Land
B. Notes Payable
C. Retained Earnings
D. Dividends

Puneet Prajapati · Accepted Answer

so really understand the I particle that will be applicable to our people counting as a subject. However, there are three types of ACOs. Okay, first of all, let&#x27;s put money in the car. Okay? 2nd 1 is normal ago and for bonus personally. Okay. However, for the current case, people understand what is the meaning off, but our farms Okay, so these are the goes which will never be closed within one finding. Chillier. The Lord is be carried forward from one financially. Who? Subsequent Financially. Okay. No. Now v everything. The technical characteristics that the type of permanent account whores. OK, so what are those characteristics that the permanent accounts are never lose within one financial within what financial yet? Okay. So you can act. You work 15 10 inches today. Okay, so these permanent accounts will never be closed within one financial. Okay, They will understand this through the example. Okay. And the second statistics, is it the account balance off money go. Okay. The balance of permanent account will always be carried forward from one financial year ago. Subsequent financial. Okay, Now let us understand the example. Okay. So what is it whom? Like Alexis? So We will understand the example off permanent accounts. That portrait is have like figs. Essex. Okay, fix the saves. Art off. Nature off the money goes like a business entity who is in bailing off on each products. Okay, Like table like chairs, tables, Those okay. And made us like that. So it it is like you do purchaser much indeed. That convert Robert idiot. Okay. Or we can say good logs into dosed chair staples, so those machinery will be known as Victor sex. However, if these machines will be produced within one year, then it is very obvious that that these machines they will not be sold within the same financially. So for recording the transaction related to those machine tea they create fix this ex account that will be a permanent. Okay, No, they will come to stock. Okay, That will also be a real permanent account. Okay, whatever their sex and whatever liabilities we have, okay. For all of them, we will create permanent record sandwiches. Okay. Like lived alert. Right. This one stock okay, begins, right. Okay. Their sex is more comfortable here. Okay, we got because mostly sex and liabilities are those types of those tapes that it will include everything. Okay, even the biggest insults. But for sake of understanding, I have returned 56. Okay, apart from sex but a sector will you do fix this? Excellent. OK, so now let this understand that how it will differ from any other point of people Kick. Now, in order to understand that, what is the nature of four men in a car? Okay, so we have understood that it will not be carried for someone from until you to subsequent financial. Okay, so in trial balance in tal balance, we can see most closing trial balance. Only permanent tackle will be classified. Okay, You can see imports rose in kind balance. We would classify only those accounts which will be carried forward from one financially ago. Next financial. So that is why our current solution matches with joys D that this dividend by that. So because they were endlessly account which will not be carried forward from one financially ago. Next financial. Okay, it will not be carried forward fight because as the different car will be created within, we can save with enough beginning off here as the dividend account will be created here. So it will be closed before the end of financial year. Okay. And back this to as for they re requirements. So that is right Choice days decoded Johnson. That&#x27;s all for the solution. Thank you.

Puneet Prajapati · Answer

Okay, so we are going to understand the meeting off 12 grand villains and followed by there. We will understand that. How can we arrive at a different version off planted? It&#x27;s OK. So first of all, we have return of a technical definition. So her pal balance provide a brief 11 summary off these parties. Okay? With which the business entity has transacted. So we have returner technical declaration how ever we will understand. Very clear soon. But exactly. OK, so a travel balance is ah leaving first. Draw a specimen off Cal balance. Okay, that How does it look like followed by that people in this time, But how we can arrive at different type off evidences. Okay, so first of all legs, suppose there is a business entity that is ABC company who deals in furniture. Okay, so it has transacted with many entities to run the business like it s solitude with suppliers. A test run naked with multiple customers, bees within the country outside the country. Okay, so they&#x27;re not. They will be many, many types off. Bing does okay. Many types of vendors, many types off customers. So suppliers and customers, suppliers and vendors would be used interchangeably. Okay. So suppliers will have operated parents always most of the times and customers will ever David. But it&#x27;s okay. So let&#x27;s suppose after recording all the transaction that has that has been entered into by a busy company and other different parties, let&#x27;s suppose the founding Mrs 50 off them. Okay, 50 transactions off. The total religions has have been missed by accounting for for recording. So the effect of these transaction. So the effect of these transactions will not be present here and will not be present here. Okay, now what happens? The effect off all the transition will go to regained on its by there. So because the establish business entities for motive over profit and Intertainer lives be classify other profit or loss generated for the car India. Okay, Now what happens then? Then in a content encounters with these 50 transaction as mist. Okay, Now what happens that the counting tries to captured the effect in involved in a just in 12 minutes? Okay, Now adjusted trial balance work. What it will include it will include all the current elections which have been encountered with by content less bless the Miss tronics and practice 15. Mr Androgen, in the current case, Okay, so But until elections means which have been used to prepare these air goes okay, these balances which have been included to give these effects No. If in orderto account for all the Mr Election and current origins, V, we will classify. Or we can send people cancer, upper yearly profit yearly profit and loss, the transfer yearly profit and loss to retain that Mexico. So therefore, this account will also be included in post closing plan. It&#x27;s okay by that. So because all if let to suppose whatever drying the changes in list I don&#x27;t those selection will be will be related to revenue side or expense. It okay? Because in business, with this transaction beacon in counterfeit I don&#x27;t live in you. Okay, either it will be giving sales to us, all right, That it will be in nature off expenditure. Okay, so the next step will be so the profit or loss and maybe turns a profit, profit and loss dearly, who retained earnings so that is very retained. Earnings will also be trampled. Okay, So our current solution matches with okay. Our current solution matches with Joyce E. That&#x27;s all we have. And Mr So Far. Okay, So Joy sees the correct answer. That&#x27;s all part of a solution.

Puneet Prajapati · Answer

Okay, so we are going to understand they don&#x27;t share orders. Okay, for about that, you understand the what is the relevance of having shareholders? They are, well, no softy or pollution in the old participate in various meetings off the and there is he do picking being off all the But I had obligations. Okay, so what? We Everything here? First of all, they are the owners off a corporation, Okay? Others of a cooperation. They also part respect in various meetings. Okay, not the border. Merrick. This meeting okay, off the entity they deceived doing inform off income being love all the grad obligations. They receive dividend after being off on the plan, obligations, obligations off obligations of the company. So the company pays off all the obligations, and afterwards the company pays off dividend to shareholders. Okay, Now what happens? Many many companies practice being evident on a yearly basis. Okay, Okay. On a yearly lists because they have substantial profit and they know their capacity, so they will be paying dividends on a yearly basis. However, some of them decide on case to case basis like they did the shape the world is that expecting dividends or whether the company has an attentive profit or not. So it depends on case to case basis. However, whenever they pretend will be distributed among issue orders. So forever different amount will be appropriated out off the profit off for India. Look, I have said in simple terms the dividend is paid out off current profit. Well, there accumulated top it. A community means the profit off past years. Okay, two minutes. So then ever these appropriations are made, then dividend account will be You&#x27;re still will be close to retained earnings account. Okay, Asper the reportings financial reporting standards. Okay, so the pretend will be I&#x27;ve been growing at all. Make sure that they improper dealing, but I&#x27;m going toe. Okay, so it will be clothes from detained. Her name&#x27;s go. Okay. Now how it will be close to retaining his account, bypassing the closing. Angry because in accounting, we have a process off closing the nominal or weakens it. Temporary accounts to permanent and permanent. The culture does accounts which can be carried forward from veneer to next year. So being prepared within the culprit and pretty dresses. Okay. However, we were transferring European this account okay? So So for the current case, the M derived double solution. And that is to be Joyce E. Okay, So in case of different Banadir losing entry who passed on Buddha attained and it&#x27;s OK, you can know down Cheat one she do or being your books. For which a difference, however, choices correct. That&#x27;s all forever. Submission. Thank you.

Puneet Prajapati · Answer

Okay, so we will understand the meaning. Lost money account. That is one of the paper goes, they&#x27;re not applicable. Who? The accounting as a subject. Okay, So apart from permanent adults, we have but still look. Oh, and normal account. Okay. However, we will understand what money account as they live in another case. Okay, it is the account. Which is Yeah, you forward fraud one funding Julia who? Subsequent financial. Okay. Know what happens? So I villain. I will make you understand, through the example that type of money that counts we have in accounting. Okay, so first of all example So we have great examples of that. So all of the assets and all of the liabilities will be mostly classified less. But let&#x27;s suppose they have purchased for danger for businesses. Okay. The effort is so far, sex chairs, tables as the customers are suppliers come into our business entity for meetings. So we invite them off the offer, them chairs or tables who who make to make themselves comfortable. So those will be it saves. But any chips let me check. Okay. Now, in order to do in orderto record every transaction allergic to a sex liabilities. We will hear from identical. Okay, by the end, names like Whitney Jericho, the machine, the account accounts, people ago. Okay, so this is the most important characteristics we have noted down here, which will help you Who I didn t fight that, which is the permanent account and which is the personal and normal. Okay. So as our sector liabilities will be on, so for the money. So for the current case that matches with Joyce, joys be that is a call swivel. Okay, so in post closing trial balance that house people will only be in Georgia. Okay, Most was in Cal billions. Okay, So accounts people is the correct choice. So choice. He&#x27;s also the correct answer by that. So because accounts anybody&#x27;s dependence, because a constable is dependence that will be carried forward from one financially too next one inch of you. Okay, because it is very obvious that an entity will not be able to pay their suppliers within van finished. So it takes much time you pay deke rapers. Okay, so that is why their balances off. You can see the balance is off. Suppliers, creators Carlos weapon will be candy forward from been financially a kook. And then, however, suppliers renders very tires accounts people would be used can be used in perchance Okay, So charge is the correct answer. That&#x27;s all part of a solution.

Puneet Prajapati · Answer

Okay, so we are going to understand the meaning, but money. What? Really? Okay, so they&#x27;re not actually three types of comes in accounting is the subject. Read account or cell accounting? No. Okay. However, for the current his reveal industry anteria. So it is a type of gold, Which will it be? Never drives in a very common okay. Be carried forward will be Get it from who won financially it who end of it. So So it is a type of account which is never transferred. Who and it did it go? Let&#x27;s get a mystic an important and will be carried forward always from money will one financial year two Although it seems that 1st 1 is most every day. However, you will understand that Kate forward from one financial year to end it. There will be the most important characteristic That would be useful useful for you. Identify that bitch Israel a condom, which is another type of Okay, So you&#x27;re right. Example. So really count is open If you can see what other types off we can support our that Ilocos most of all, fixed a spectacle when you purchase any type of much injury who produced the products in which the businesses dealing. Okay, It was the one that is dealing. So fixed asset is purchased to produce the 11 goods required course. Now, in that case, you can understand that fixes it once purchased will be used for any scrutiny in 20 years. Because it because it is a machine, it is not like that that you have purchasing Korean Peninsula. And it will be absurd in next year. That is not the case. Okay, so fix dissect, Okay. Furniture that is used in business. Okay. In my country, when trian just a raw material which we have parties from other supplier 100 internees. Okay, the list is exhaustive. I&#x27;m writing, though I&#x27;m writing there very relevant items on a very relevant items for which for which he opened the really Okay, So retained earnings retained. Earnings account is one of the account which is carried forward from one fund and Chilean. We can see current financial year two. Next fun. Incheon. Okay, Sort of damned earnings. Or alternatively, they can say retained earnings is a type of retained earnings is account, which is never closed. Okay, So at this time, sir, from current financial year do next. Venture you so our choice matches vit. You can see why would I&#x27;m certain matches with choice beat Retained earnings is never most, or we can see it is never It is for all sorts of current financial year. Two next financial year. Okay, so you can write on sheet number one only on being your pulls off each of your parents. However, the correct choices choice be okay, that&#x27;s all for other solution. Thank you.

Puneet Prajapati · Answer

Okay, so we are going to understand the trial balance. Okay for her by that Beeville indistinct the hallway. How weekend you hear a different version of travel buttons all together. Okay, so it is. Ah, summarised Form off on the ground. Bellen. Sears! Okay. Who the pair? Bellen ship. Okay, so, first, if I Let&#x27;s suppose all lovey every forever be everything. The technical definition, however, leaving in this day that how booties toward different version of events. Let&#x27;s suppose there are 100 thousands of transaction in a business entity. Okay? Because of business, entity has to deal with multiple times multiple supplies to run the business keeps will actually 10,000 evictions. Okay, so in accounting is employed Lettuces entity Who records the transaction? Okay, So older by that, the content it was those projections. Okay, after posting the on my back, the So what? What step? The posting give us It gives ah, high level pale off all the account balances. Okay, there s our pal. Balance gives us summarize form of competences and from travel INTs, VP, daily bed and shit. However, I&#x27;m interfering. The second possessed with the definition, like my drawing the arrow. However you can right this example. Very clear. Okay, I&#x27;m drying the arrow to make the things very, very clear. Okay, so balance sheet is the final step in patient off hundreds of statements and their trial balance is the lots last stepping stone to abandon ship. Okay, now, let&#x27;s suppose the counting Mrs 50 Transactions deck would very, very important from the business point of view. So those 52 elections were left to be recorded forward by that left, people stared, and their effect was also Lord implant balance. So? So the banshee per patient will be wrong. Okay? No. What happens? There comes the concept. A concept off. And just in 12 minutes. Well, that rescue, okay? And just simply ambulance water. What? It will have just take a lord. So the ambulance will off course have the effect off 10,000 transition. However, when we will say when we say that adjusted evidence, it will also have the Fecteau 50 transactions. Okay. Now, from these total effects, they will prepare over Maren. She? But what happens? These salvation? Well, in total, I have a single effect on a single ago. Okay, So these these people on the chin. We&#x27;ll have a symbol single effect on a single ago. Like the combined effect we can see noticing the combined effect on a single account that we know that that people less do you notice? So under Dana thinks what we have in the earnings we have our perfect our laws and nurtured during the current financial year. Retained earning balance at the beginning often engineer and any wouldn&#x27;t be through the shared orders. OK, so these 50 transaction, or we can see any number of transaction will have effect will ever direct effect on this. Okay, so now what we have what we have that the balance on the balance of retained earnings are just to trial balance and Bill in chief will be different by that. So because 52 election will have a combined effect on tenements and that is why we have different parents over Dana, Knicks, honor, justice, tell evidence in different balance sheet level. Okay, so that that matches with So they retained earnings that count, which will have different. But it&#x27;s on both the statements. Okay. And back matches with joi sey engages off, but in Kocian. Okay, So the correct choice is joi sey. Okay, that&#x27;s all for our solution. Thank you

Problem

On which of the following would the year-end Reta…

Problem 12 Hard Difficulty

Which of these accounts is not included in the post-closing trial balance?
A. Land
B. Notes Payable
C. Retained Earnings
D. Dividends

Answer

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Principles of Accounting Volume 1: Financial Accounting

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Principles of Accounting Volume 1: Financial Accounting

Mitchell Franklin, Patty Graybeal, Dixon CooperPrinciples of Accounting Volume 1: Financial Accounting

Mitchell Franklin, Patty Graybeal, Dixon Cooper

Principles of Accounting Volume 1: Financial Accounting