Asked by Scott Johnston on Jun 16, 2024
Verified
What is the first account that should be listed in the post-closing trial balance?
A) Dividends
B) Common Stock
C) Cash
D) Fees Earned
Post-Closing Trial Balance
A list of all the accounts and their balances after the closing entries are made, ensuring that debits equal credits in the ledger.
Dividends
Disbursements issued by a company to its shareholders, allocating a fraction of the company's profits.
Common Stock
A form of corporate equity ownership, a type of security representing unit ownership in a corporation, with voting rights and potential dividends.
- Recognize accounts that appear in the post-closing trial balance and those that do not.
Verified Answer
BM
Bianca MirandaJun 21, 2024
Final Answer :
C
Explanation :
The first account listed in the post-closing trial balance is Cash, as it is an asset account and assets are listed first in the trial balance according to the accounting equation (Assets = Liabilities + Equity).
Learning Objectives
- Recognize accounts that appear in the post-closing trial balance and those that do not.