A company's post-closing trial balance has total debits of $40,350 and total credits of $40,650. Accordingly, the company should review for errors in the closing process.

Question

Quizplus · Accepted Answer

The total debit and credit balances should be equal after the closing process, and they are not in this case. Therefore, there may be errors in the closing process that need to be reviewed.

A Company's Post-Closing Trial Balance Has Total Debits of $40,350