These are the procedures for closing the book and I also need assistance in doing the post-closing trial balance sheet.
1. Close the sales account and purchase by making the appropriate entries in the general journal. Close both of them out together because they both have a credit balance. After making the journal entries make a debit entry for each of them separately and then make one credit entry in the total amount to the Income Summary account.
2. Post the closing entry for the sales and purchase returns allowance accounts to the general ledger.
3. Close the purchase account, the sales returns and allowances account. Close all accounts together since they all carry debit balances, make credit entries in the general journal for each amount amounts separately. Make one debit entry to the Income Summary account for the total amount
4. Post the closing entries for the purchases, sales returns and allowances and the expense accounts to the general ledger.
5. Close the income summary, Find the Income Summary account balance; determine if it is a credit or debit balance and then make an opposite entry in the general journal. Then make the appropriate entry into the Capital account.
6. Post the entries made in the step 13 to the general ledger.
7. Close the drawing account. Take the amount of the drawing account and make a debit entry in the general journal to the Capital account. Make an offsetting credit entry in the same amount to the Drawing account.
8. Post the entries made in step 15 to the general ledger.
9. Prepare a post-closing trial balance sheet from the remaining open account. The totals of the debit and credit columns on this balance sheet should match.