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College Accounting (Book Only): A ...

13th Edition
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ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

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

Identify whether the following accounts would be included on a post-closing trial balance.

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To determine

Indicate the given accounts that would appear on the post-closing trial balance, by marking an “X”.

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.

Indicate the given accounts that would appear on the post-closing trial balance, by marking an “X”.

Account TitlePost-Closing Trial BalanceDescription
YesNo
a. XService Revenue is a nominal account. Hence, it does not appear on the post-closing trial balance.
b.X Prepaid Insurance is a real account. Hence, it appears on the post-closing trial balance.
c.X Supplies is a real account. Hence, it appears on the post-closing trial balance.
d.X Accounts Payable is a real account...

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