A post-closing trial balance contains only ___?a) Revenue accountsb) Expense accountsc) Permanent accountsd) Temporary accounts

Explanation of Post-Closing Trial Balance: A post-closing trial balance is a list of all permanent…

Answered: A post-closing trial balance contains…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 6Q

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Similar questions

Which of the following entries properly closes a temporary account? Select one: a. Income Summary XX Cash b. C. Debit Credit Expense Accumulated Depreciation XX Income Summary Income Summary d. e. XX Retained Earnings XX Dividends Debit Credit Debit Credit XX Debit Credit Income Summary XX Revenue XX XX Debit Credit XX XX
Final answer
What type of accounts are closed out at the end of the accounting period? Group of answer choices asset accounts temporary accounts doubtful accounts permanent accounts
CORRECT ANSWER✅
For each of the following accounts, identify if is found on the post closing trial balance (yes or no): Accounts Payable [ Select] Accounts Receivable [ Select] [ Select ] No Cash [ Select] Yes
Closing entries transfer the balances of the permanent accounts to the temporary accounts. Select one: True False
The entry to write off an account receivable under the allowance method willT ( A. increase total assets O B. increase net income C. reduce net income D. have no effect on net income)
Question: 1. Under the allowance method, Accounts recorded Uncollectible Expense is a. for an estimated amount. b. when an individual account is written off. c. for a known amount. d. several times during the accounting period.
Which of the following appears in the balance sheet accounts section of a pre-adjustment trial balance? A) Opening inventory B) Accrued expenses C) Consumable inventory D) Fixed deposit
c. Assume that the unadjusted trial balance on July 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occurred?
Discussion
Using the allowance method, the effect on the current year’s financial statements of writing off an account receivable generally is to a. Decrease total assets.b. Decrease net income.c. Both a. and b.d. Neither a. nor b.

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A post-closing trial balance contains only ___? a) Revenue accounts b) Expense accounts c) Permanent accounts d) Temporary accounts