In the accounting cycle, closing entries are journalized and posted
A) after adjusting entries are posted to the general ledger.
B) after the adjusted trial balance is prepared.
C) after the financial statements are prepared.
D) before the adjusted trial balance is prepared.

Question

Quizplus · Accepted Answer

Closing entries are journalized and posted after the financial statements are prepared to close temporary accounts and prepare for the next accounting period.

In the Accounting Cycle, Closing Entries Are Journalized and Posted