Right answer Which of the following accounts would beclosed at the end of the accounting period?a) Accounts Receivableb) Rent Expensec) Equipmentd) Common Stock

Step 1:Concept All the accounts which are the part of profit and loss account i.e. all income and…

Answered: Which of the following accounts would…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 4DQ

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Similar questions

Under which of the following categories would Accounts Receivable appear? A. long−term assets B. current assets C. long−term liabilities D. current liabilities
When does a company record the transfer of accounts receivable as a sale? As a secured borrowing (a liability)?
On which notes receivable and notes payable is it necessary to record accrued interest at the end of the period?
When do companies recognize gains and losses from the extinguishment of debt? Where are the gains and losses disclosed on the income statement?
Which item below is not a current liability? Select one: O O a. Unearned revenue b. Trade accounts payable c. cash dividends d. The currently maturing portion of long-term debt
The date on which liability for dividends must be recorded. * a. Date of payment b. Date of record c. Declaration date d. Date of issuance
True or false if a balance sheet is prepared between the date of declaration and date of payment, devidends payable accounts are reported as current liabilities.
a. Show the journal entry to record the uncollectible accounts. b. How much will the balance sheet show as the net realizable value of the accounts receivable
The balance sheet account that is usually reported at its fair market value is: a. Short-term marketable securities b. Accounts receivable c. Current liabilities d. Inventory
Allowance for uncollectible account falls under what classification in a balance sheet? Current asset, current liability, etc
Which of the following accounts would never be reportedin the income statement as an expense?a. Depreciation expense.b. Income taxes expense.c. Interest expense.d. Dividends expense.
Which of the following is a liability created when a company receives cash for services to be provided in the future? Select one: a. Unearned revenue b. Estimated warranty payable c. Service revenue d. Accrued liability

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Which of the following accounts would be closed at the end of the accounting period? a) Accounts Receivable b) Rent Expense c) Equipment d) Common Stock