which of the following accounts is not closed at the end of the accounting period a....

which of the following accounts is not closed at the end of the accounting period

a. depreciation expense

b. deferred service revenue

c. sales

d. cost of good sold

Solutions

Expert Solution

Permanent or Balance sheet accounts are not closed at the end of the accounting period.

Deferred service revenue is a Balance Sheet (Liability account).

Deferred service revenue is not closed at the end of the accounting period

Depreciation expense,sales,cost of good sold are temporary (income statement) accounts and closed at the end of the accounting period.

Option B deferred service revenue is correct

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Which accounts are closed at the end of an accounting period? Select one: a. Neither Interest...

Which accounts are closed at the end of an accounting period? Select one: a. Neither Interest Expense nor Paid-in-Capital from Stock Warrants b. Both Interest Expense and Paid-in-Capital from Stock Warrants c. Interest Expense, but not Paid-in-Capital from Stock Warrants d. Paid-in-Capital from Stock Warrants, but not Interest Expense

Which of the following accounts is not closed at the end of an accounting cycle? Multiple...

Which of the following accounts is not closed at the end of an accounting cycle? Multiple Choice A. Revenues B. Retained earnings C. Dividends D. Expenses

Which of the following accounts should be closed to the capital account at the end of...

Which of the following accounts should be closed to the capital account at the end of the year? Equipment Service Revenue Prepaid Insurance Unearned Rentx

Which one of the following accounts is closed at year-end? Multiple Choice Prepaid insurance Office supplies...

Which one of the following accounts is closed at year-end? Multiple Choice Prepaid insurance Office supplies expense Accumulated Depreciation Unearned revenue

Which of the following accounts would appear in the Income Statement columns of the end-of-period spreadsheet?...

Which of the following accounts would appear in the Income Statement columns of the end-of-period spreadsheet? Select one: a. Unearned Revenue b. Cash c. Prepaid Insurance d. Net Loss

explain why the temporary accounts are closed each period

Closing entries are made at the end of an accounting period which requires that balance are...

Closing entries are made at the end of an accounting period which requires that balance are transferred from temporary to permanent accounts. Shelly is the office manager of a local medical practice. She has come to the end of the closing process and needs to prepare for the next accounting period. Shelly uses the 4-step closing process to close the temporary accounts. 1, What are the steps that Shelly must follow? Explain each step in the process. 2, Explain the...

Calculate the amount of money that will be in each of the following accounts at the end of the given deposit period:

(Compound interest with non-annual periods) Calculate the amount of money that will be in each of the following accounts at the end of the given deposit period: Account Holder Amount Deposited Annual Interest Rate Compounding Periods per Year (M) Compounding Periods (Years) Theodore Logan TIT $ 1,000 10% 1 10 Vernell Coles 95,000 12 12 1 Tina Elliott 8,000 12 6 2 Wayne Robinson 120,000 8 4 2 Eunice Chung 30,000 10 2 4 Kelly Cravens 15,000 12 3 3

At the end of the period, Carson Company had the following balances in selected accounts: Materials...

At the end of the period, Carson Company had the following balances in selected accounts: Materials $ 80,000 Finished goods 190,000 Work in process 70,000 Cost of goods sold 1,000,000 Factory overhead 30,000 Required: (a) The factory overhead balance is relatively small; prepare the journal entry to close the factory overhead account assuming a debit balance. What does a debit balance mean? (b) The factory overhead balance is relatively small; prepare the journal entry to close the factory overhead account...

The accounting records of Clay?'s Appliances included the following balances at the end of the? period:...

The accounting records of Clay?'s Appliances included the following balances at the end of the? period: Estimated Warrenty Payable Beg Bal 3000 Sales Revenue 110,000 Warranty Expense In the? past,Clay?'s warranty expense has been 7% of sales. During the current period?, the business paid $4,000 to satisfy the warranty claims. (The accounts to choose from in a-b are Accounts payable, Cash, Estimated warranty payable, Sales Revenue, Sales tax payable, and Warranty expense.) a) Journalize Clay?'s warranty expense b)...

Subjects