Simon Company sells 900 units of its deluxe product each year. The cost of setting up for one production run is $150; the cost of carrying one unit in inventory for a year is $3.
Definitions:
Post-Closing Trial Balance
A financial statement listing all the accounts and their balances after closing entries are made, ensuring the accounts are ready for the next accounting period.
Adjusted Trial Balance
A report that lists all accounts and their balances after adjusting entries are made, ensuring that debits equal credits.
Closing Entries
The journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.
Adjusting Entries
Accounting entries recorded at the conclusion of a financial period to properly assign income and expenses to the period they truly relate to.
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