Immediately after closing entries are posted, which of the following types of accounts will have zero balances?

Question:

Immediately after closing entries are posted, which of the following types of accounts will have zero balances? Select all that apply.

1. Asset accounts

2. Expense accounts

3. Liability accounts

4. Owner’s drawing account

5. Income Summary account

6. Oowner’s capital account

7. Revenue accounts

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

College Accounting A Contemporary Approach

ISBN: 9781265647308

6th Edition

Authors: M. David Haddock, John Price, Michael Farina

See More Books

Question Posted: Sep 28, 2023 02:37 AM

See More Questions

1. After the closing entries are posted to the ledger, each revenue account will have A. A zero balance. B. A debit balance. C. A credit balance. D. Either a debit or a credit balance. 2. A post...
A small consulting company wants to make the switch to QuickBooks Online. All of their expenses are paid at the time they are incurred, so there is no need to track bills in the system. There is only...
1. One purpose of closing entries is to give zero balances to A. Asset and liability accounts. B. Liability and capital accounts. C. Revenue and expense accounts. D. Expense and capital accounts. 2....
Data from the registrar's office at Gigantic State University indicate that over the past 20 years tuition and enrollment have both increased. From this information we can conclude that: A. higher...
Lewis River Golf, Inc., grew and sold sod. It bought seed from defendant, O. M. Scott & Sons, under an express warranty. But the sod grown from the Scott seeds developed weeds, a breach of Scotts...
Be able to evaluate the eff ectiveness of a training program
Calculate the EVA margin for the second year of Scorpio plc in Example 11.3 .
The management of Origami Company, a wholesale distributor of beachwear products, is considering purchasing a $30,000 machine that would reduce operating costs in its warehouse by $5,000 per year. At...
On January 1, 20x7 you had $ 12330 in your office supplies inventory account. During the year you purchased an additional $ 44826 of office supplies. A physical count of the supplies on December 31,...
The Supreme Court in 1895 ruled that the income tax was unconstitutional because the tax needed to be apportioned among the states in proportion to their populations. Why would the requirement of...
Which of the following should have a debit balance in the adjusted trial balance? 1. Sales Returns and Allowances 2. Purchases Discounts 3. Salaries Payable 4. Unearned Rental Income
Why would a photocopy machine used in the office not be considered a current asset?
Suni owns land (adjusted basis of $90,000; fair market value of $125,000) that she uses in her business. She exchanges it for another parcel of land (worth $100,000) and stock (worth $25,000)....
Time (s) Velocity (cm/s or m/s) Uncertainty 0.100 -145 cm/s or 0.145 m/s +/- 0.089 m/s 0.200 -266 cm/s or 0.266 m/s +/- 0.010 m/s 0.300 -359 cm/s or 0.359 m/s +/- 0.0201 m/s 0.400 -451 cm/s or 0.451...
Using Technology to Generate Normal Quantile Plots. In Exercises 13-16, use the data from the indicated exercise in this section. Use software (such as Statdisk, Minitab, Excel, or StatCrunch) or a...
Use your understanding of work and power to answer the following questions. 1. Two physics students, Will N. Andable and Ben Pumpiniron, are in the weightlifting room. Will lifts the 100-pound...
Problem 2. Consider the following chemical reaction. 2H2 + O2 = 2HO Gibbs Duhem equation states that SdT - Vdp+ Nidi=0. Apply this equation for the above reaction and determine the equilibrium...
Part D: Exploring Pascal's Triangle 1. Fill-In the missing numbers in Pascal's Triangle. See 2. Find the sum of each row in Pascal's Triangle. Describe the pattern. 1, 2, 4, 8, 16... Power of 2n 1 1...
Based in the United States, your firm trades extensively in European countries that have adopted the euro. You have been asked to evaluate the impact of currency fluctuations on sales in this region...
Rewrite the code of Figure 7.3 in Ada, Java, or C#. Figure 7.3: template class queue { item items [max_items]; int next_free, next_full, num_items; public: queue () : next_free (0), next_full(0),...
Which section of the income statement contains information about the purchases made during the period and the beginning and ending inventories?
Which section of the income statement contains information about the purchases made during the period and the beginning and ending inventories?
What are operating expenses?
Fig 1. Rolling a 4 on a D4 A four sided die (D4), shaped like a pyramid (or tetrahedron), has 4 flat surfaces opposite four corner points. A number (1, 2, 3, or 4) appears close to the edge of each...
I just need help with question #4 please! Thank you! Windsor Manufacturing uses MRP to schedule its production. Below is the Bill of Material (BOM) for Product A. The quantity needed of the part...
(25) Suppose that we have an economy consisting of two farmers, Cornelius and Wheaton, who unsurprisingly farm corn c and wheat w, respectively. Assume that both farmers produce their crop of choice...

Immediately after closing entries are posted, which of the following types of accounts will have zero balances?

Question:

Step by Step Answer:

2 Expense account...View the full answer

College Accounting A Contemporary Approach

Students also viewed these Business questions