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Which of the following statements is NOT correct? A. After closing entries are posted, the...

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Accounting

Which of the following statements is NOT correct?

A. After closing entries are posted, the revenue, expense, and drawing accounts will have zero balances.

B. At the end of each accounting period, asset and liability account balances are reduced to zero.

C. A post-closing trial balance will not contain revenue and expense account balances.

D. Adjusting entries must be journalized and posted before the closing entries are journalized and posted.

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