Closing Entries Must Be Journalized And Posted

Closing Entries must be Journalized and Posted after Financial Statements are prepared so that Post-Closing Trial Balance is prepared to calculate the balances of all Permanent Accounts which are Balance Sheet Accounts.

All the Temporary Accounts, which are Income Statement Accounts, are closed at the at end of the accounting period. So, no temporary accounts come in Post-Closing Trial Balance after the closing entries are journalized and posted to the Ledger.feed