College Accounting (Book Only): A ...
Solutions
College Accounting (Book Only): A ...
Which of the following accounts would appear on a post-closing trial balance?
- a. Depreciation Expense, Equipment
- b. Income from Services
- c. R. McDonald, Drawing
- d. R. McDonald, Capital
Find the correct option, the option that indicates the account that appears on the post-closing trial balance.
Post-closing trial balance: Post-closing trial balance is a summary of all the asset, liability, and capital accounts and their balances, after the closing entries are prepared. So, post-closing trial balance reports the balances of real or permanent accounts only.
Justification for correct answer: Post-closing trial balance does not report the revenue, expenses, and drawings accounts because these accounts are closed to capital account in the closing process. So, capital account, a real account, appears on the post-closing trial balance...
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