After Closing Entries Are Posted, the Balance in the Owner's

question 67

Multiple Choice

After closing entries are posted, the balance in the Owner's Capital account in the ledger will be equal to

• A) the beginning Owner's Capital reported on the statement of owner's equity.
• B) the amount of the Owner's Capital reported on the balance sheet.
• C) zero.
• D) the profit (or loss) for the period.

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