Closing entries may be prepared from all of the following except
A) Adjusted balances in the ledger
B) Income statement and balance sheet columns of the worksheet
C) Balance sheet
D) Income and owner's equity statements

Question

Quizplus · Accepted Answer

The closing entries are based on the income statement accounts and owner's equity accounts. The balance sheet accounts are not affected by the closing entries, therefore the balance sheet alone cannot be used to prepare closing entries.

Closing Entries May Be Prepared from All of the Following