Question
Which of the following is the only account that would be included in a closing entry? Multiple Choice Cash Supplies Expense Accounts Payable Accumulated Depreciation
Which of the following is the only account that would be included in a closing entry?
Multiple Choice
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Cash
-
Supplies Expense
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Accounts Payable
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Accumulated Depreciation
A compound entry in the general journal is made to close expense accounts.
True or False
The Accumulated Depreciation account is a contra asset and has a normal credit balance.
True or False
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Accounting concepts and applications
Authors: Albrecht Stice, Stice Swain
11th Edition
978-0538750196, 538745487, 538750197, 978-0538745482
