Which of the following statements is not correct?
A) After closing entries are posted,the revenue,expense,and drawing accounts will have zero balances.
B) At the end of each accounting period,asset and liability account balances are reduced to zero.
C) A post-closing trial balance will not contain revenue and expense account balances.
D) Adjusting entries must be journalized and posted before the closing entries are journalized and posted.

Question

Quizplus · Accepted Answer

At the end of each accounting period, only temporary or nominal accounts (such as revenue, expense, and drawing accounts) are closed to zero by the closing entries. Asset and liability accounts are not closed to zero but are carried forward to the next accounting period.

Which of the Following Statements Is Not Correct