Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? Fees Earned Insurance Expense Prepaid Insurance Utilities Expense Which of the following accounts ordinarily appears in the post-closing trial balance? Supplies Expenses Unearned Rent Dividends fees earned Which of the accounting steps in the accounting process below would be completed last? posting to ledger journalizing preparing the financial statements preparing the adjusted trial balance When the terms of sale are FOB shipping point, who should ultimately pay the transportation charges? Supplier Seller Shipping company Buyer Which of the following methods uses the oldest price of inventory first when assigning a value to our inventory? FIFO LIFO Average cost Merchandise inventory is classified on the balance sheet as a current asset current liability it's not on the balance sheet long-term liability A new account on the multi-step income statement for a merchandiser uses which of the following as an expense when selling inventory? Wages expense merchandise inventory cost of goods sold copyright Taking advantage of a 2/10, n/30 purchases discount is equal to a yearly savings rate of approximately 24% 20% 36% 2%