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 accounts should not appear on the post-closing trial balance? Select one: a. Accounts Payable b. Accounts Receivable c. Income Summary d. Office Equipment
Which account is least likely to be debited when revenueis recorded?a. Accounts Payableb. Accounts Receivablec. Cashd. Unearned Revenue
The adjusting entry to record an NSF check includes a credit to accounts payable a debit to vash a debit to accounts receivable a debit to miscellaneous expense
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)
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.
Indicate whether each statement best describes the allowance (A) method or the direct write-off (DW)method. When an account is written off, the debit is to Bad Debts Expense.
If an adjustment includes an entry to a payable or receivable account, which type of adjustment is it? a. Estimate b. Accruals c. Deferrals d. Provision
What types of accounts are referred to as temporary accounts?
Under allowance method, the journal entry to record uncollectible accounts expense is a. Dr. Bad debts expense & Cr. Accounts Receivable b. Dr. Allowance for Doubtful Accounts & Cr. Bad debts Expense c. Dr. Accounts Receivable & Cr. Bad debts expense d. Dr. Bad debts expense & Cr. Allowance for Doubtful Accounts

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