acccounting class 8 unit

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The accounts that appear on the post-closing trial balance are

assets, liabilities, and owner’s capital

The last step in the accounting cycle is to

prepare a post-closing trial balance.

Income Summary is a(n)

temporary account.

When the total revenues are greater than the total expenses

When total revenues exceed total expenses, the Income Summary has a credit balance.

Accounts used to accumulate information from one fiscal period to the next are

permanent accounts.

After the closing entries are posted, the owner's capital account balance should be the same as shown

the capital balance should match the amount shown on the balance sheet for the period.

After closing entries are posted, the balance in the owner's drawing account should be

zero

Temporary accounts begin each new fiscal period with a

 zero balance

The journal entry to close Income Summary when there is a net loss is

debit owner’s capital; credit Income Summary