Post Closing Balance Sheet
A post-closing balance sheet reflects the company’s financial position after all temporary accounts (revenues, expenses, dividends) are closed. It shows only permanent accounts, assets, liabilities, and equity carried into the next accounting period. It’s useful for verifying balances before starting a new cycle and ensuring books are reset.
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Prepaid Interest
Prepaid interest is interest paid before it's due, often at the beginning of a loan term. It's initially recorded as…
Prepaid Income
Also known as unearned income, prepaid income is money received before delivering goods or services. It’s recorded as a liability…
Prepaid Expense
Prepaid expenses are advance payments for goods or services to be received in future periods. Common examples include prepaid rent…
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