What is the last account that should be listed in the Post Closing Trial Balance?
A) Income Summary
B) Capital account
C) Cash
D) Fees Earned

Question

Quizplus · Accepted Answer

The last account that should be listed in the Post Closing Trial Balance is the Capital account. This is because the purpose of closing out the temporary accounts (such as Fees Earned and Income Summary) is to transfer their balances to the permanent accounts (such as Capital). Once this transfer has been completed, the only accounts left with balances should be the permanent accounts, including Capital. Therefore, Capital should be the last account listed in the Post Closing Trial Balance.

What Is the Last Account That Should Be Listed in the Post