After the closing entries have been posted:

All of these answers are correct.

the post-closing trial balance is prepared.

the temporary accounts are zeroed out.

the Capital account includes the current net profit or loss.

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Question 32 2.5 pts

Freight-in is:

a Cost of Selling Goods.

recorded as an asset.

recorded as an Operating Expense.

a Cost of Purchasing Goods.

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Question 33 2.5 pts

The calculation of Net Purchases does NOT include:

Purchases.

Merchandise Inventory.

Purchases Returns and Allowances.

Purchases Discounts.

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Question 34 2.5 pts

Which of the following is NOT an operating expense?

Payroll Tax Expense

Depreciation Expense - Office Equipment

Supplies Expense

Freight-in