05.07.2022 - 23:10

A post-closing trial balance will show: – zero balances for balance sheet accounts. – zero balances for all accounts. – only balance sheet accounts. – only income statement accounts.

Question:

A post-closing trial balance will show:

– zero balances for balance sheet accounts.

– zero balances for all accounts.

– only balance sheet accounts.

– only income statement accounts.

Answers (0)
  • Johnnie
    April 10, 2023 в 00:07
    A post-closing trial balance will show zero balances for balance sheet accounts. This is because all temporary accounts, including all income statement accounts, are closed out at the end of the accounting period and their balances are transferred to retained earnings or another appropriate equity account. Therefore, the only accounts that will have balances on the post-closing trial balance are permanent accounts, or balance sheet accounts. These accounts represent the company's assets, liabilities, and equity as of the end of the accounting period. By showing zero balances for all temporary accounts and only permanent accounts, the post-closing trial balance ensures that the company's financial statements accurately reflect its financial position at the end of the accounting period.
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