After posting the closing entries, which of the following accounts is most likely not to have a zero balance?

A. Prepaid Insurance

B. Advertising Expense

C. J. Smith, Withdrawals

D. Medical Fees

How do you close a revenue account?

A. Debit Capital; credit Revenue

B. Debit Revenue; credit Capital

C. Debit Revenue; credit Income Summary

D. Debit Income Summary; credit Revenue

All permanent accounts can be found:

A. on the Income Statement.

B. on the Statement of Owners Equity.

C. on the Balance Sheet.

D. Permanent accounts do not appear on the financial statements.

When closing the Income Summary account when there is a net loss:

A. Capital would increase.
B. Capital would decrease.
C. Capital would remain the same.
D. None of these are correct.