Which of the following accounts is not closed?

Multiple Choice

• Fees Income

• Prepaid Rent

• Wages Expense

• John Garcia, Drawing

Which of the following statements is correct?

Multiple Choice

• Closing entries are entered directly on the worksheet.

• The Balance Sheet section of the worksheet contains the data that is used to make closing entries.

• Preparation of the postclosing trial balance is the last step in the end-of-period routine.

• The balance of the owner's drawing account will appear on the postclosing trial balance.