All of the following are true about the post-closing trial balance, except:

a.It is prepared before the closing process.

b.It is prepared after posting the closing entries to prove the equality of the debit and credit balances in the general ledger accounts.

c.The owner's capital balance listed on the post-closing Trial Balance was updated to reflect revenues, expenses, and drawing for the accounting period.

d.Only permanent accounts are listed in the post-closing Trial Balance.

A mistake made in step 1 of the accounting cycle is carried through the entire accounting cycle.

True

False

Once the closing entries are posted, the general ledger capital account balance

a.will agree with the beginning amount reported on the worksheet.

b.will equal zero.

c.will agree with the amount reported on the Balance Sheet.

d.will need to be updated.