BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

Solutions

Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

The ________ is prepared after closing entries are posted to prove the equality of debit and credit balances.

(a) balance sheet

(b) income statement

(c) post-closing trial balance

(d) statement of owner’s equity

To determine

State which is prepared after closing entries are posted to prove the equality of debit and credit balances.

Explanation

Justification for the incorrect answer:

Option (a) is incorrect because balance sheet is prepared to report the financial health of the company.

Option (b) is incorrect because income statement is prepared to report the revenues earned and expenses incurred from business operations.

Option (d) is incorrect because statement of owner’s equity is prepared to report the beginning owner’s equity and all the changes, which led to ending owners’ equity.

Justification for the correct answer:

Option (c)...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

What is investment? How is it related to national saving in a closed economy?

Brief Principles of Macroeconomics (MindTap Course List)

BASICS OF CAPITAL BUDGETING You recently went to work for Allied Components Company, a supplier of auto repair ...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)