Closing entries may be prepared from all but which one of the following sources?
A) Adjusted balances in the ledger
B) Income statement and statement of financial position columns of the worksheet
C) Statement of financial position
D) Income and retained earnings statements

Question

Quizplus · Accepted Answer

The statement of financial position is not meant to provide information about closing entries. Closing entries are prepared based on the adjusted balances in the ledger, income statement, and statement of retained earnings columns of the worksheet.

Closing Entries May Be Prepared from All but Which One