After the closing entries have been posted, all temporary accounts should have ____.   Select one: a. either a debit or credit balance b. a zero balance c. a debit balance d. a credit balance

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is