Question

It is obvious that an error occurred in the preparation and/or posting of closing entries if: Multiple Choice the Retained earnings account is debited for the amount of the net loss for the period.

Answer 1

There are different ways to make entry in a balance sheet. It is obvious that an error occurred in the preparation and/or posting of closing entries, if all balance sheet accounts have zero balances.

Should a balance sheet always have a zero balance?

Note that the sum of a company assets, liabilities and equity must always balance to zero.

For one to be able to have or generate a balance sheet report that is not equal zero, the balance sheet is said to be out of balance and this may create  an error in the ledger transactions.

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