An error has occurred in the closing entry process if
A) revenue and expense accounts have zero balances.
B) the retained earnings account is credited for the amount of net income.
C) the dividends account is closed to the retained earnings account.
D) the balance sheet accounts have zero balances.

Question

Quizplus · Accepted Answer

Balance sheet accounts should not have zero balances after the closing entry process, as they are not closed and carry over to the next period.

An Error Has Occurred in the Closing Entry Process If