A post-closing trial balance will show
A) zero balances for all accounts.
B) zero balances for balance sheet accounts.
C) only balances for balance sheet accounts.
D) only balances for income statement accounts.

Question

Quizplus · Accepted Answer

A post-closing trial balance only includes balances for balance sheet accounts, as the purpose of the trial balance is to ensure that all permanent accounts are in balance after closing entries have been made. Income statement accounts are closed out to retained earnings and thus are not included on the post-closing trial balance. While balance sheet accounts will have non-zero balances, they will not necessarily all be zero as some may have occurred during the period after closing entries were made.

A Post-Closing Trial Balance Will Show