Recorded and posted to the general ledger

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Reference no: EM13724160

Upon completion of the closing entries, you reviewed the general ledger and noticed that balances remained in all asset, liability, and equity accounts. In addition, there were still balances in the revenue accounts, but not expenses or dividends. Should this be the case after the closing entries have been recorded and posted to the general ledger? Please include the reasons why in your answer.

Reference no: EM13724160

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