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Post-Closing Trial Balance a. What is the purpose of preparing a post-closing trial
Chapter 20, Problem 3(choose chapter or problem)
QUESTION:
Post-Closing Trial Balance
a. What is the purpose of preparing a post-closing trial balance?
b. Does the Income Summary account appear on the post-closing trial balance? Why or why not?
Questions & Answers
QUESTION:
Post-Closing Trial Balance
a. What is the purpose of preparing a post-closing trial balance?
b. Does the Income Summary account appear on the post-closing trial balance? Why or why not?
ANSWER:Step 1 of 3
A trial balance helps a business to equalize debit and credit sides, including all revenues, expenses, changes in assets, and liabilities.