Multiple Choice
Which of the following statements is not correct?
A) After closing entries are posted,the revenue,expense,and drawing accounts will have zero balances.
B) At the end of each accounting period,asset and liability account balances are reduced to zero.
C) A post-closing trial balance will not contain revenue and expense account balances.
D) Adjusting entries must be journalized and posted before the closing entries are journalized and posted.
Correct Answer:
Verified
Correct Answer:
Verified
Q20: Which of the following accounts would be
Q21: The adjusted ledger accounts of Miraldi Landscaping
Q22: On December 31,the ledger of Davis Company
Q23: After the transactions have been posted,the next
Q26: Which of the following accounts would not
Q27: Managers often consult financial statements for specific
Q28: When done properly,how many journal entries are
Q30: Danos Company's partial worksheet for the month
Q35: After all the closing entries are posted
Q58: The temporary owner's equity accounts are closed