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1 year ago

The trial balance prepared after all closing entries have been journalized and posted is called the?

1 answer:

5 0

The trial balance prepared after all closing entries have been journalized and posted is called the Post-closing trial balance

A balance sheet or an income statement are frequently mistaken for a trial balance. Trial Balance is an internal report that is created at the conclusion of each accounting period, typically in the form of a spreadsheet. A trial balance is primarily used to check the accuracy of the general ledger's list of credit and debit entries.

A trial balance is an essential tool for company. When utilized properly, it can result in the identification of accounting problems, the evaluation of earnings, and support for a company's internal auditing procedure. All of the accounts in a general ledger are listed in a trial balance.

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Gloria deposited $500 into a bank account that earned 7. 5% simple interest each year. She earned $225 in interest before closin

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The number of years in which the money is in the account is 6 years.

<h3>What is simple interest?</h3>

Simple interest denotes the amount of payment that is received or paid by a person in return for anything pledged or given a loan.

The interest computed on the principal amount for a specified duration of time and rate of interest is called simple interest.

The formula of simple interest:

$\text{SI}= \text{P}\times r \times t$

Where, (P) stands for principal, (r) for interest rate, and (t) is for the time period.

Computation of a number of years:

According to the given information,

P=$500,

r=7.5%,

t=?

SI= $225

Now, substitute the given values in the above formula, we have:

$\text{SI}= \text{P}\times r \times t\\\\\$225=\$500\times\ 7.5\%\times t\\\\t= 6 \text{Years}$

Therefore, the number of years is 6 years.

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2 years ago

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