menu-iconExamlexExamLexServices

Discover

Ask a Question
  1. All Topics
  2. Topic
    Business
  3. Study Set
    Accounting Study Set 4
  4. Exam
    Exam 4: Completing the Accounting Cycle
  5. Question
    Once an Account Has Been Closed for the Period, Inserting
Solved

Once an Account Has Been Closed for the Period, Inserting

Question 143

Question 143

True/False

Once an account has been closed for the period, inserting a line in the balance columns zeros out the account, making it ready for the following period.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q138: The ability to convert assets into cash

Q139: Closing entries are entered directly on to

Q140: Working capital is the excess of the

Q141: Identify which of the following accounts should

Q142: Accrued fees earned but not recorded at

Q144: Use the adjusted trial balance for

Q145: Describe a classified balance sheet.

Q146: Which of the following accounts should be

Q147: The accounting cycle requires three trial balances

Q148: Which of the following accounts ordinarily appears

Examlex

ExamLex

About UsContact UsPerks CenterHomeschoolingTest Prep

Work With Us

Campus RepresentativeInfluencers

Links

FaqPricingChrome Extension

Download The App

Get App StoreGet Google Play

Policies

Privacy PolicyTerms of ServiceHonor CodeCommunity Guidelines

Scan To Download

qr-code

Copyright © (2025) ExamLex LLC.

Privacy PolicyTerms Of ServiceHonor CodeCommunity Guidelines