To prove the equality of the debit and credit balances in the general ledger accounts after the closing entries have been journalized and posted,prepare the
A) balance sheet.
B) income statement.
C) adjustments.
D) post-closing trial balance.

Question

Quizplus · Accepted Answer

The post-closing trial balance is prepared after the closing entries have been journalized and posted to the accounts. It lists all the accounts along with their debit or credit balances. The purpose of the post-closing trial balance is to ensure that the total debits equal the total credits and to verify that all temporary accounts have been closed. The balance sheet and income statement are prepared prior to the closing entries and adjustments are made before the financial statements are prepared.

To Prove the Equality of the Debit and Credit Balances