PART I: Questions about Closing Entries? accounts Accounts that are closed are called Accounts that are NOT closed (are not set back to zero) are referred to as account Which 3 types of accounts are NEVER CLOSED? Which 3 types of accounts must be closed (set back to zero) at the end of the accounting period? Are closing entries prepared BEFORE or AFTER financial statements are prepared? (see the Flowchart of the Accounting Cycle -in Module 1) To close an account with a CREDT balance, you must that account. debit, credit that account t, credit To close an account with a DEBIT balance,. you must Enter PCTB only by the accounts that would be found on a POST-CLOSING TRIAL BALANCE-Then indicate account type Hint: Only those accounts that were NOT closed should appear in a Post-clasing Trial Balance Account Type (Asset, Liability, OE, REV, EXP, DIV) Dividends Retained Earnings Accumulated Depreciation Unearned Revenue Salaries Payable Salaries Expense Prepaid Rent Consulting Revenue