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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 4, Problem 18E
Textbook Problem
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Which of the following accounts will usually appear in the post-closing trial balance?

  1. a. Accounts Receivable
  2. b. Cash
  3. c. Depreciation Expense
  4. d. Fees Earned
  5. e. Doug Woods, Capital
  6. f. Doug Woods, Drawing
  7. g. Equipment
  8. h. Land
  9. i. Salaries Payable
  10. j. Unearned Rent
  11. k. Wages Expense

To determine

Identify the account that will appear in the post-closing trial balance.

Explanation of Solution

Permanent Accounts: Permanent accounts (real account) are the accounts which occurred during a particular financial year. This account will not close at the end of the same accounting year, rather their account balances are carried forward to the subsequent accounting year’s balance sheet.

Identify the account that will appear in the post-closing trial balance.

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Chapter 4 Solutions

Financial Accounting
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