Which of the following accounts will be included in a post-closing trial balance? a.Service Revenue b.Rent...

Which of the following accounts will be included in a post-closing trial balance?

a.Service Revenue

b.Rent Expense

c.Interest Expense

d.Unearned Revenue

Expert Solution

Solution:

The correct option is d. Unearned Revenue

All balance sheet accounts containing non-zero balances are reported in post closing trial balance at the end of a reporting period. The post-closing trial balance does not contain revenue, expense, gain, loss or summary account balances, since these are temporary accounts and the same are closed and move into retained earnings account.

Service Revenue, Rent Expense and Interest Expense are temporary account and as a part of closing process these accounts are closed and moved into the Retained Earnings Account. It is not shown in Post-Trial Balance.

Unearned Revenue is a liability account which reports the amounts received in advance of providing goods or services but the goods or services are not shipped or rendered to the customer. It is shown in Post-Trial balance as liability.

Hence,The correct option is d. Unearned Revenue

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ekkarill92 answered 2 years ago

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