Question: Analysis Question 7-1 Explain the difference between the adjusted trial balance and the postclosing trial balance. Multiple Choice After adjusting entries are journalized, the adjusted

Analysis Question 7-1 Explain the difference between the adjusted trial balance

Analysis Question 7-1 Explain the difference between the adjusted trial balance and the postclosing trial balance. Multiple Choice After adjusting entries are journalized, the adjusted trial balance shows general ledger balances. Adjusted trial balance includes permanent and temporary accounts. After the fiscal year is closed, net income is transferred to retained earnings on the postclosing trial balance. Postclosing trial balance includes permanent acc only; temporary accounts have zero balance All of these are correct

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