If closing entries are prepared and posted correctly, a post-closing trial balance will show: a credit balance in Income summary account if the company generated net   income for                the period. 2. a credit balance for the owner’s capital account. 3. a debit balance for the owner’s drawing account. 4. only balance sheet accounts

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is