ACC 205 Week 2 Exercise 3 Understanding the closing process

ACC 205 Week 2 Exercise 3 Understanding the closing process

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Understanding the closing process. Examine the following list of accounts:

Interest Payable           Accumulated Depreciation: Equipment

Alex Kenzy, Drawing    Accounts Payable

Service Revenue          Cash

Accounts Receivable    Supplies Expense

Interest Expense

Which of the preceding accounts

1. appear on a post-closing trial balance?

1. are commonly known as temporary, or nominal, accounts?
2. generate a debit to Income Summary in the closing process?

1. are closed to the capital account in the closing process?

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