1. After the closing entries are posted to the ledger, each revenue account will have A. A...
Question:
1. After the closing entries are posted to the ledger, each revenue account will have
A. A zero balance.
B. A debit balance.
C. A credit balance.
D. Either a debit or a credit balance.
2. A post closing trial balance could include all of the following except the
A. Owner's capital account.
B. Cash account.
C. Fees Income account.
D. Accounts Receivable account.
3. Which of the following accounts is a permanent account?
A. Supplies
B. Supplies Expense
C. Owner's drawing
D. Fees Income
4. All of the following accounts will appear on the postclosing trial balance except
A. Equipment.
B. Accumulated Depreciation–Equipment.
C. Depreciation Expense–Equipment.
D. Accounts Payable.
5. Which of the following statements is not correct?
A. After closing entries are posted, the revenue, expense, and drawing accounts will have zero balances.
B. At the end of each accounting period, asset and liability account balances are reduced to zero.
C. A post closing trial balance will not contain revenue and expense account balances.
D. Adjusting entries must be journalized and posted before the closing entries are journalized and posted.
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina