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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Which of the following accounts would appear on a post-closing trial balance?

  1. a. Depreciation Expense, Equipment
  2. b. Income from Services
  3. c. R. McDonald, Drawing
  4. d. R. McDonald, Capital

To determine

Find the correct option, the option that indicates the account that appears on the post-closing trial balance.

Explanation

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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