It seems like the answer options are missing from your query. Based on general accounting principles and typical Quizlet questions, the accounts that are not listed in a post-closing trial balance are temporary accounts, such as revenue, expenses, and dividends/drawing accounts. Only permanent (balance sheet) accounts are included.
Revenue, expense, and dividend accounts do not appear on the post-closing trial balance because they have been closed to retained earnings.
The account that would not appear on a post-closing trial balance is Service Revenue. This is because Service Revenue is a temporary account, and all temporary accounts (revenues, expenses, and dividends) are closed at the end of each accounting period.
It is the third (and last) trial balance prepared in the accounting cycle. Since temporary accounts are already closed at this point, the post-closing trial balance will not include income, expense, and withdrawal accounts. It will only include balance sheet accounts, a.k.a. real or permanent accounts.
In a post-closing trial balance, all the real accounts are shown. Temporary accounts are no longer seen because their balances are already transferred to Retained earnings. Thus, Salaries expense is not included in a post-closing trial balance because it is a temporary account. The correct answer is C.
Conclude that the account NOT listed in a post-closing trial balance is 'Service Revenue' because it is a temporary account that has been closed.
The post-closing trial balance contains only balance sheet accounts, as all temporary accounts (revenue, expenses, and dividends) have been closed to the retained earnings account.
Answer and Explanation:
The post-closing trial balance includes the permanent account balances, termed as equity, liability, and asset. Other account balances such as revenue, expenses, and other balances would become zero at the end of the period.
Key components of a post-closing trial balance
Only permanent accounts are included in the trial balance, including assets, liabilities, and equity, such as: Cash. Accounts receivable. Inventory.
The post-closing trial balance is prepared after closing entries are made. It only includes real accounts which are assets, liabilities, and equity accounts. Revenue accounts, expense accounts, and dividends account are already closed to retained earnings. Based on the choices, only choice a contains all real accounts.
Explanation: Only permanent (real) accounts remain after closing entries; nominal accounts have zero balances.
Conclude that 'Cash' is typically listed first in the post-closing trial balance, as it is the first asset account in the chart of accounts and remains open after closing entries.
Fees Earned: This account represents revenue earned by the business. Since it is a temporary account related to income, it is closed at the end of the accounting period and does not appear on the post-closing trial balance.
Dividends does not appear in the post-closing trial balance. Thus, choice D is the correct answer.
Only permanent accounts—assets, liabilities, and equity—are included in the post-closing trial balance. Which accounts are excluded from the post-closing trial balance? Temporary accounts such as revenues, expenses, and dividends are excluded because their balances have been closed to retained earnings.
Income tax expense is the only item that won't appear in the after-closing trial balance.
Dividends is considered as a temporary account and the balance of the dividends account will be transferred to the Retained Earnings at the end of the month. As a result, the Dividend account will not appear on the post-closing trial balance.
Dividends. Dividends are closed to Retained Earnings, so it would not appear on the post-closing trial balance.
Key steps to prepare a trial balance
It is called the post-closing trial balance. Since all of the temporary accounts now have zero balances as a result of the closing process, only permanent accounts (asset, liability, and equity account balances other than dividends) should appear on the post-closing trial balance.
Answer and Explanation:
Medicare Tax Payable will appear on the post-closing trial balance. Only those accounts are recorded in trial balance which are of real and personal account nature. All nominal accounts are closed before this stage. Only real and personal accounts appear on post-closing trial balance .
Answer and Explanation:
Only permanent (balance sheet) accounts, such as Unearned Rent, are included in the post-closing trial balance.
The post-closing trial balance is a report made after closing the temporary accounts. This report contains all the permanent accounts with nonzero balances. Permanent accounts include assets, liabilities, and stockholder's equity.
When dividends have a balance on the post-closing trial balance, this indicates an error because temporary accounts, like dividends, should be zeroed out, eliminated, and closed directly on the retained earnings account. Dividends account should not be found in the post-closing trial balance.
A prepaid insurance is an asset account that is reported in the balance sheet. This account is not closed at the end of the period and its balance is transferred to the next period. Thus, the Prepaid Insurance is listed on the Post-Closing Trial Balance.