The following accounts were included on a companys adjusted trial balance. In the blank space, identify which

Question:

The following accounts were included on a company’s adjusted trial balance. In the blank space, identify which accounts should be closed (C) or not closed (NC) at the year end.
_________ Accounts payable _________ Notes payable
_________ Accounts receivable _________ Rent revenue
_________ Depreciation expense _________ Prepaid expenses
_________ Operating expenses _________ Equipment
_________ Unearned revenue _________ S. Young, drawings
_________ Interest expense _________ Accumulated depreciation
_________ S. Young, capital _________ Supplies

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...

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