Please see the accounts list below in the Trial Balance and highlight the temporary accounts that need to be closed at the end of end year. Trial Balance As of December 31, 2022 Cost of Goods Sold - Initial Sales Cost of Goods Sold - Parts Advertising & Marketing Amortization Expense - Intangibles Amortization Expense - Right of Use Assets Bad Debt Expense Client Entertainment Expense Compensation Expense - Stock Based Depreciation Expense Fines and Penalties Gain/Loss Disposals of Fixed Assets Gain/Loss on the Sale of Equity Securities Income Tax Expense - Federal Income Tax Expense - State Insurance Expense Interest Expense Key Officer Life Insurance Expense Litigation Expense Miscellaneous Administrative Expense Miscellaneous Expense Miscellaneous Selling Expense Office Supplies Expense Pension Expense Property Tax Expense Rent Expense Repair Expense Research & Development Expense Salary Expense Travel Expense Unrealized Gain/Loss on Equity FV Adjustment Utilities Expense Debit 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 0.00 20.00 20.00 0.00 20.00 20.00 20.00 20.00 Credit 20.00
Please see the accounts list below in the Trial Balance and highlight the temporary accounts that need to be closed at the end of end year. Trial Balance As of December 31, 2022 Cost of Goods Sold - Initial Sales Cost of Goods Sold - Parts Advertising & Marketing Amortization Expense - Intangibles Amortization Expense - Right of Use Assets Bad Debt Expense Client Entertainment Expense Compensation Expense - Stock Based Depreciation Expense Fines and Penalties Gain/Loss Disposals of Fixed Assets Gain/Loss on the Sale of Equity Securities Income Tax Expense - Federal Income Tax Expense - State Insurance Expense Interest Expense Key Officer Life Insurance Expense Litigation Expense Miscellaneous Administrative Expense Miscellaneous Expense Miscellaneous Selling Expense Office Supplies Expense Pension Expense Property Tax Expense Rent Expense Repair Expense Research & Development Expense Salary Expense Travel Expense Unrealized Gain/Loss on Equity FV Adjustment Utilities Expense Debit 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 0.00 20.00 20.00 0.00 20.00 20.00 20.00 20.00 Credit 20.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Please see the accounts list below in the Trial Balance and highlight the temporary
accounts that need to be closed at the end of end year.
Trial Balance
As of December 31, 2022
Cost of Goods Sold - Initial Sales
Cost of Goods Sold - Parts
Advertising & Marketing
Amortization Expense - Intangibles
Amortization Expense - Right of Use Assets
Bad Debt Expense
Client Entertainment Expense
Compensation Expense - Stock Based
Depreciation Expense
Fines and Penalties
Gain/Loss on Disposals of Fixed Assets
Gain/Loss on the Sale of Equity Securities
Income Tax Expense - Federal
Income Tax Expense - State
Insurance Expense
Interest Expense
Key Officer Life Insurance Expense
Litigation Expense
Miscellaneous Administrative Expense
Miscellaneous Expense
Miscellaneous Selling Expense
Office Supplies Expense
Pension Expense
Property Tax Expense
Rent Expense
Repair Expense
Research & Development Expense
Salary Expense
Travel Expense
Unrealized Gain/Loss on Equity FV Adjustment
Utilities Expense
Debit
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
0.00
20.00
20.00
0.00
20.00
20.00
20.00
20.00
Credit
20.00
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