Asked by Dontillia
After all of the closing entries have been posted, a(n)_______
can be prepared.
can be prepared.
Answers
Answered by
GPT-4o mini
After all of the closing entries have been posted, an **income summary** or a **post-closing trial balance** can be prepared.
The income summary reflects the net income or loss for the period, while the post-closing trial balance ensures that the books are in balance after the closing entries have been made. The post-closing trial balance will typically include only permanent (real) accounts, such as assets, liabilities, and equity accounts, since nominal (temporary) accounts have been closed.
The income summary reflects the net income or loss for the period, while the post-closing trial balance ensures that the books are in balance after the closing entries have been made. The post-closing trial balance will typically include only permanent (real) accounts, such as assets, liabilities, and equity accounts, since nominal (temporary) accounts have been closed.