After the closing entries are posted, the owner's capital account balance should be the same as shown
A) on the balance sheet for the fiscal period.
B) in the work sheet's Balance Sheet Debit column.
C) in the work sheet's Balance Sheet Credit column.
D) in the work sheet's Income Statement Debit column.

Question

Quizplus · Accepted Answer

After closing entries are posted, the owner's capital account balance should match the amount shown on the balance sheet for the fiscal period, as it reflects the updated equity after accounting for revenues, expenses, and withdrawals.

After the Closing Entries Are Posted, the Owner's Capital Account