220k views
3 votes
100 POINTS HELP IM ALMOST DONE If a business uses a monthly accounting period, how often would it prepare a post closing trial balance?

A. yearly
B. weekly
C. monthly
D. daily

2 Answers

0 votes

Answer:

C. monthly

Step-by-step explanation:

If a business uses a monthly accounting period, it would prepare a post-closing trial balance once a month, at the end of the accounting period. Therefore, the correct answer is option C, monthly.A post-closing trial balance is a list of all the accounts and their balances after adjusting entries have been made and closing entries have been posted to the general ledger. It is used to verify that the debits and credits are equal and that all temporary accounts have been closed out. The post-closing trial balance is prepared after the closing entries have been made at the end of the accounting period. For a business that uses a monthly accounting period, this would typically be done once a month, at the end of each month.

User Jpda
by
6.9k points
1 vote

Answer:monthly

Step-by-step explanation:

A business that uses a monthly accounting period would prepare a post-closing trial balance once a month, which is the frequency of its accounting period.

User Amartine
by
6.6k points