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

a. appear on a post-closing trial balance?

b. are commonly known as temporary, or nominal, accounts?

c. generate a debit to Income Summary in the closing process?

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

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Accounting Basics: Understanding the closing process
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