After closing entries are posted to the accounts in the general ledger,all asset and liability accounts have a balance of zero.

Name: After closing entries are posted to the accounts in the general ledger,all asset and liability accounts have a balance of zero.
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Only revenue, expense, and equity accounts should have a zero balance after closing entries are posted. Asset and liability accounts should carry forward their balances to the next accounting period.

After Closing Entries Are Posted to the Accounts in the General