Which of the following statements is correct?
A) The Balance Sheet section of the worksheet contains the data that is used to make closing entries.
B) The balance of the owner's drawing account will appear on the post-closing trial balance.
C) Closing entries are entered directly on the worksheet.
D) Preparation of the post-closing trial balance is the last step in the end-of-period routine.

Question

Quizplus · Accepted Answer

The preparation of the post-closing trial balance is indeed the last step in the end-of-period routine, as it ensures that all temporary accounts have been closed and only permanent accounts are carried forward.

Which of the Following Statements Is Correct