Author name: s4salman

Post closing trial balance is just like an adjusted trial balance but the major difference is that it incorporates the effect of closing […]

Ledger Accounts and Posting to Ledger Accounts Ledger accounts are the T accounts. The data are posted to the debit

Journal Entries Journal entries are a way to record financial transaction. It simultaneously records a debit and a credit to

Compound Journal Entry Compound entry or compound journal entry is the combination of two or more simple entry. It involves

Closing Entries Closing entries are the tool to close the temporary accounts and are passed to transfer the balances of

Adjusting Entries Adjusting entries are passed in order to comply with accrual basis of accounting. This is to ensure that revenues

Adjusted Trial Balance As we have discussed that you cannot prepare accounts on the basis of unadjusted trial balance. Because it

Income Summary Account Income summary account is a temporary account and is used to transfer out balances of all income