Which of the following accounts are temporary accounts?
A. Cash
B. Accounts Payable
C. Owner's Equity
D. Revenue
After posting the closing entries, which of the following accounts is most likely not to have a zero balance?
A. Prepaid Insurance
B. Advertising Expense
C. J. Smith, Withdrawals
D. Medical Fees
Which of the following is not true?
A. All information from closing can be obtained from the worksheet or ledger.
B. Closing entries are usually done only at year-end.
C. Assets, liabilities, and capital are temporary accounts.
D. When closing is complete, all revenue accounts will have a zero balance.