Which of the following statements is not correct?
A. At the end of each accounting period, asset and liability account balances are reduced to zero.
B. A post-closing trial balance will not contain revenue and expense account balances.
C. Adjusting entries must be journalized and posted before the closing entries are journalized and posted.
D. After closing entries are posted, the revenue, expense, and drawing accounts will have zero balances.
Answer: A
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