After closing entries are posted, the balance in the owner's capital account in the ledger will be equal to
A) the beginning owner's capital reported on the statement of owner's equity.
B) the amount of the owner's capital reported on the balance sheet.
C) zero.
D) the profit (or loss) for the period.

Question

Quizplus · Accepted Answer

After closing entries are posted, the balance in the owner's capital account reflects all changes during the period, including profits or losses and owner withdrawals. This updated balance is reported on the balance sheet.

After Closing Entries Are Posted, the Balance in the Owner's