A post-closing trial balance should be prepared before the financial statements are prepared. True False Question 16 (1.67 points) In the merchandising income statement, sales will be reduced by sales discounts and sales returns and allowances to arrive at net sales. True False Question 17 ( 1.67 points) The accounts Purchases, Purchases Returns and Allowances, Purchases Discounts, and Freight In are found on the balance sheet. True False During the closing process, some balance sheet accounts are closed and end the period with a zero balance. True False Question 19 (1.67 points) On the income statement in the single-step form, the total of all expenses is deducted from the total of all revenues. True False