Upon completion of the closing entries, you reviewed the general ledger and noticed that balances remained in
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Question:
Upon completion of the closing entries, you reviewed the general ledger and noticed that balances remained in all asset, liability, and equity accounts. In addition, there were still balances in the revenue accounts, but not expenses or dividends. Should this be the case after the closing entries have been recorded and posted to the general ledger?
Related Book For
Cornerstones of Cost Management
ISBN: 978-1285751788
3rd edition
Authors: Don R. Hansen, Maryanne M. Mowen
Posted Date: