After the closing entries are posted to the accounts, a trial balance will show balances only in the Balance Sheet accounts.

Question

Quizplus · Accepted Answer

Closing entries only affect the temporary accounts (revenue, expenses, and dividends), which are then transferred to the retained earnings account on the Balance Sheet. Therefore, after closing entries, only the Balance Sheet accounts will have balances.

After the Closing Entries Are Posted to the Accounts, a Trial