After closing the accounts, all income statement accounts have non-zero balances.

Name: After closing the accounts, all income statement accounts have non-zero balances.
Brand: Quizplus
Rating: 4.9 (36 reviews)

Question

Quizplus · Accepted Answer

All income statement accounts should have zero balances after closing entries are made. Closing entries are made specifically to transfer the balances of these accounts to retained earnings or owner's equity accounts, resulting in a zero balance in the income statement accounts.

After Closing the Accounts, All Income Statement Accounts Have Non-Zero