Module 5 Assignment: Closing Entries and Post-Closing Trial Balance
In this assignment, you will continue to use the accounting simulator you set up in previous modules. Follow the steps below to complete your assignment on closing entries and preparing the post-closing trial balance.
- Complete the Closing Entries:
- Use the adjusted trial balance from the previous module to prepare the closing entries.
- Close all revenue, expense, and dividend accounts to the Income Summary and Retained Earnings accounts.
- Prepare the Post-Closing Trial Balance:
- After completing the closing entries, prepare the post-closing trial balance.
- Ensure that only permanent accounts (assets, liabilities, and equity) are included.
- Verify that the total debits equal the total credits.
- Submit Your Work:
- Export your closing entries and post-closing trial balance from the accounting simulator as a PDF file.
- Submit the PDF file via the course submission portal.
Additional Activities
To reinforce your understanding, complete the following additional activities:
- Discussion Post: In the course forum, post a brief summary of your experience preparing the closing entries and the post-closing trial balance. Highlight any challenges you faced and how you overcame them.
- Peer Review: Review at least two of your classmates’ submitted post-closing trial balances and provide constructive feedback on their work. Pay special attention to the entries’ accuracy and the trial balance’s completeness.
- Reflection: Write a one-page reflection on the importance of closing entries, the post-closing trial balance in the accounting cycle, and how these processes contribute to accurate financial reporting.
For this assignment, you may use the following free accounting simulator:
If you have any questions or need further assistance, please reach out to your instructor or post in the course forum.
Due Date: Next week