The account balances on the post-closing trial balance should match the balances in the:
A)general journal.
B)Income Statement.
C)general ledger.
D)Statement of Retained Earnings.

Question

Quizplus · Accepted Answer

The general ledger contains all of the individual account balances for a company, including those that appear on the post-closing trial balance. Therefore, the balances on the post-closing trial balance should match the balances in the general ledger. The general journal is where transactions are initially recorded before being transferred to the general ledger. The Income Statement and Statement of Retained Earnings are financial statements that are prepared after the post-closing trial balance has been finalized.

The Account Balances on the Post-Closing Trial Balance Should Match