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The trial balance prepared after all of the temporary accounts have been closed is called

The trial balance prepared after all of the temporary accounts have been closed is called a post-closing trial balance.

 

9) The Income Summary account can be found on the worksheet.

 

10) The post-closing trial balance contains the true ending figure for Capital.

 

11) The post-closing trial balance is used to determine if the ledger is in balance after closing.

 

12) All closing entries must be posted before preparing the post-closing trial balance.

 

13) When the post-closing trial balance is prepared, the adjusting entries have not been made.

14) Closing entries are normally prepared after the post-closing trial balance is prepared.

 

15) The post-closing trial balance comes before the closing entries are posted.

 

16) The Post-Closing Trial Balance contains the Opening Balance of Capital.

Dec 06 2019 Read more Less More

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