Homework Answers
All temporary accounts i.e. accounts of income/revenues and expenses are closed to income summary at the end of the accounting period.
Owner's drawing account is closed by debiting the owner's capital account and crediting the owner's drawing account.
Thus, the owner's drawing account, fees income and rent expense will be closed and will not appear in the post closing trial balance.
The owner's capital account will appear on the post closing trial balance.
Third option is the correct option.
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i need help with this question
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Please help
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Identify which of the following accounts would be included in a post-closing trial balance. Included in post-closing trial balance? a. Cash b. Haircutting Revenue Furniture d. Goodwill e Taxes Expense Factory f.
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