Acctg102(Closing and Post-closing Trial Balance)

Which of the following account needs to be closed?

• Sales

• Equipment

• Prepaid Expenses

• Capital

Which of the following accounts is closed by a credit?

• Sales

• Purchase Returns and Allowances

• Freight-in

• Purchase Discounts

Which of the following accounts is closed by a debit?

• Purchases

• Freight-out

• Sales Discounts

• Sales

Which of the following accounts will be forwarded in the post-closing trial balance?

• Purchases

• Drawings

• Accounts receivable

• Sales

Which of the following accounts will be forwarded in the post-closing trial balance?

• Merchandise inventory, ending

• Purchase discounts

• Merchandise inventory, beginning

• Sales returns and allowances