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

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After closing entries are posted, all revenue, expense, and dividend accounts have a balance of zero to prepare for the next accounting period, but asset and liability accounts retain their balances to reflect the ongoing financial position of the business.

After Closing Entries Are Posted to the Accounts in the General