Immediately after closing entries are posted, which of the following types of accounts will have zero balances?

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Immediately after closing entries are posted, which of the following types of accounts will have zero balances? Select all that apply.

1. Asset accounts

2. Expense accounts

3. Liability accounts

4. Owner’s drawing account

5. Income Summary account

6. Oowner’s capital account

7. Revenue accounts

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College Accounting A Contemporary Approach

ISBN: 9781265647308

6th Edition

Authors: M. David Haddock, John Price, Michael Farina

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Question Posted: Sep 28, 2023 02:37 AM

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Immediately after closing entries are posted, which of the following types of accounts will have zero balances?

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2 Expense account...View the full answer

College Accounting A Contemporary Approach

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