Post-Closing Trial Balance a. What is the purpose of preparing a post-closing trial

Chapter 20, Problem 3

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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?

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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.

                                                                 

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