Closing Entries and Post-Closing Trial Balance

Multiple Choice

A permanent account

• accumulates information from one fiscal period to the next

• accumulates information until it is transferred to the capital account

Multiple Choice

Which of the following is NOT permanent account?

• Capital

• Cash

• Owner's

  Drawing

• Accounts Receivable

Multiple Choice

Which of the following is a temporary account?

• Cash

• Accounts payable

• Clyde Sullivan, Capital

• Rent Expense

Multiple Choice

When revenue is greater than total expenses, resulting in net income, the Income Summary Account has a

• debit balance

• credit balance

• normal debit balance

• normal credit balance

Multiple Choice

When total expenses are greater than revenue, resulting in a net loss, the Income Summary account has a

• a debit balance

• a credit balance

• normal debit balance

• normal credit balance

Multiple Choice

Which of the following is NOT a closing entry?

• close expense accounts

• close capital account

• close drawing account

• close income summary

• close revenue accounts

Multiple Select

Which of the following accounts appear on the Post-Closing Trial Balance?

• Capital

• Cash

• Account Receivable

• Drawing

• Rent Expense