BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following accounts would NOT appear in a closing entry?
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salary expense
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interest income
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accumulated depreciation
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retained earnings
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Explanation:
Detailed explanation-1: -Reason: The closing entries are made for the purpose of transferring the balance of temporary accounts and accumulated depreciation is contra-asset account reflected on the balance sheet.
Detailed explanation-2: -The answer is: d. Accumulated depreciation is a contra asset account.
Detailed explanation-3: -Which of the following accounts would not appear in a closing entry? accumulated depreciation.
Detailed explanation-4: -The accumulated depreciation account will be credited to the company’s books of accounts.
Detailed explanation-5: -Answer and Explanation: Explanation: The owner’s capital account is a permanent account and will not be closed at the end of an accounting period.
There is 1 question to complete.