Instructions: Identify the Following

question 66

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Philadelphia

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Definitions:

Liability Accounts

Accounts that represent amounts owed to creditors or bills that must be paid in the future, contributing to a company’s liabilities on the balance sheet.

Post-closing Trial Balance

A list of all company accounts that remain after adjusting and closing entries are made, used to ensure debits equal credits.

Trial Balance

A summary listing of the titles and balances of accounts in the ledger.

Drawing Account

An account used to record amounts withdrawn by the owner of a business for personal use.