Sharp's post-closing trial balance has debit totals of $40,350 and credit totals of $40,650. The next step is to review for errors in the closing process.

Question

Quizplus · Accepted Answer

This statement is true. After the closing entries are made, the post-closing trial balance should have equal debit and credit totals. Any difference between the two may indicate errors in the closing process.

Sharp's Post-Closing Trial Balance Has Debit Totals of $40,350 and Credit