ACC 205 Week 2 Exercise 3 Understanding the closing process

ACC 205 Week 2 Exercise 3 Understanding the closing process

Understanding the closing process. Examine the following list of accounts:

Interest Payable           Accumulated Depreciation: Equipment

Alex Kenzy, Drawing    Accounts Payable

Service Revenue          Cash

Accounts Receivable    Supplies Expense

Interest Expense

 

Which of the preceding accounts

 

  1. appear on a post-closing trial balance?

 

  1. are commonly known as temporary, or nominal, accounts?
  2. generate a debit to Income Summary in the closing process?

 

  1. are closed to the capital account in the closing process?

 

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