Which of the following should not be considered when comparing the Adjusted Trial Balance to the Post-Closing Trial Balance to ensure that no errors were made in the closing process?
A) Account balances above Owner, Capital are the same on the Adjusted Trial Balance and the Post-Closing Trial Balance.
B) The account balances on each of the trial balances are the same.
C) Account balances below Owner, Capital are zero on the Post-Closing Trial Balance but not the Adjusted Trial Balance.
D) The Owner, Capital account balance on the post-closing trial balance matches the Owner, Capital account balance on the balance sheet.

Question

Quizplus · Accepted Answer

The account balances on each of the trial balances are not expected to be the same because the Post-Closing Trial Balance will only include balance sheet accounts (with temporary accounts closed), whereas the Adjusted Trial Balance includes all accounts, including those that have been closed out (revenue, expenses, dividends/drawings).

Which of the Following Should Not Be Considered When Comparing