All of the following accounts will have zero balances on a post-closing trial balance except :...
All of the following accounts will have zero balances on a post-closing trial balance
except
:
A. Dividends.
B. Accumulated Depreciation.
C. Salaries and Wages Expense.
D. Sales Revenue.
Homework Answers
Answer: B. Accumulated depreciation
The student may note that all the other three accounts are temporary accounts. Once the closing entries are passed, all the balances of these accounts will be transferred appropriately to the income statement to compute the income for that period. However accumulated depreciation persists to depict the accumulated depreciation till that year. It is a balance sheet item which is reduced from the value of the asset to depict the asset's depreciated value.
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All of the following accounts will have zero balances on a
post-closing trial balance
except
:...
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