Question 1The following accounts are temporary and are closed in the closing process.a.Cashb.EquipmentG.Expenditured.CapitalQuestion 2The trial balance after closing has the following accounts:a. Assets, liabilities, capital and expensesb.Assets, liabilities and equityG.Assets, liabilities, equity, income and expensesdAssets, liabilities, equity and incomeQuestion 3On the basis of accrual in accounting:a. A customer purchases on credit and the income is recorded at the time the purchase ismade.b.The purchase of equipment on credit is recorded when it is paid.C.A service offered on credit is recorded when the customer pays.

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 9EB: Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance....

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