After the closing entries have been posted:

a. the temporary accounts are zeroed out.

b. the capital account includes the current net profit or loss.

c. the post-closing trial balance is prepared.

d. all of these answers are correct.

Question

Computers and Technology

Livia Stout

15 February, 21:15

After the closing entries have been posted:

a. the temporary accounts are zeroed out.

b. the capital account includes the current net profit or loss.

c. the post-closing trial balance is prepared.

d. all of these answers are correct.

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Answers (1)

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Celeste Tran · Answer 1

Closing entries are entries made at the end of an accounting period to zero out all temporary accounts. The balances are transferred to permanent accounts.

After the closing entries have been posted:

A. the temporary accounts are zeroed out

Revenues and expenses are transferred to the income Summary Account and then Income Summary is closed to Retained earnings.

After the closing entries have been posted:a. the temporary accounts are zeroed out.b. the capital account includes the current net profit or loss.c. the post-closing trial balance is prepared.d. all of these answers are correct.

After the closing entries have been posted:

a. the temporary accounts are zeroed out.

b. the capital account includes the current net profit or loss.

c. the post-closing trial balance is prepared.

d. all of these answers are correct.