(Solution) If anyone could help it would be appreciated. I am not sure if my answers are correct?
If anyone could help it would be appreciated. I am not sure if my answers are correct?2. Understanding the closing process. Examine the following list of accounts: Note Payable Accumulated Depreciation: Building Alex Kenzy, Drawing Accounts Payable Product Revenue Cash Accounts Receivable Supplies Expense Utility Expense Which of the preceding accounts a. appear on a post-closing trial balance? Note Payable-Accumulated Depreciation: Building- Accounts Receivable-Accounts Payable-Cash b. are commonly known as temporary, or nominal, accounts? Alex Kenzy, Drawing-Product Revenue-Utility Expense-Supplies Expensec. generate a debit to Income Summary in the closing process? Supplies Expense-Utility Expense d. are closed to the capital account in the closing process? Alex Kenzy, Drawing
This question was answered on: May 23, 2022
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