3. The balance in the income summary account before it is closed will be equal to A) the net income or loss on the income statement. B) the beginning balance in the retained earnings account. C) the ending balance in the retained earnings account. D) zero. 4. A post-closing trial balance will show A) only permanent account balances. B) only temporary account balances. C) zero balances for all accounts. D) the amount of net income (or loss) for the period. 5. A current asset is A) the last asset purchased by a business. B) an asset which is currently being used to produce a product or service. C) usually found as a separate classification in the income statement. D) an asset that a company expects to convert to cash or use up within one year