Question
The following accounts were included on a company's adjusted trial balance. Identify which accounts should be closed or not closed at the year end. Closed
The following accounts were included on a company's adjusted trial balance. Identify which accounts should be closed or not closed at the year end.
| Closed or Not Closed? |
| Accounts payable |
| Closed or Not Closed? |
| Notes payable |
| Closed or Not Closed? |
| Accounts receivable |
| Closed or Not Closed? |
| Rent revenue |
| Closed or Not Closed? |
| Depreciation expense |
| Closed or Not Closed? |
| Prepaid expenses |
| Closed or Not Closed? |
| Operating expenses |
| Closed or Not Closed? |
| Equipment |
| Closed or Not Closed? |
| Unearned revenue |
| Closed or Not Closed? |
| S. Young, drawings |
| Closed or Not Closed? |
| Interest expense |
| Closed or Not Closed? |
| Accumulated depreciation |
| Closed or Not Closed? |
| S. Young, capital |
| Closed or Not Closed? |
| Supplies |
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Financial Statement Fraud Prevention And Detection
Authors: Zabihollah Rezaee, Richard Riley
2nd Edition
0470543205, 9780470543207
