An error has occurred in the closing entry process if

A) revenue and expense accounts have zero balances.
B) the owner's capital account is credited for the amount of net income.
C) the owner's drawings account is closed to the owner's capital account.
D) the balance sheet accounts have zero balances.

Closing Entry Process

The accounting procedure used at the end of an accounting period to transfer balances from temporary accounts to permanent accounts.

Revenue Accounts

Accounts that track the income earned from the sale of goods and services, or the increase in equity resulting from the operations of an organization.

Owner's Capital Account

An account on a company's balance sheet that represents the owner's invested capital plus retained earnings minus withdrawals.