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

Solutions

Expert Solution

Correct Option: Office supplies expense

Explanation:

Office supply expenses are an expense account that shows expenses for office supplies for a specific period. At the end of the period, it needs to be closed and balance has to be transfer income statement.

Prepaid insurance, accumulated depreciation, unearned revenue accounts belong to balance sheet item account which shows balances at the given time. It is not a periodic account rather its shows staus at a specific point of time hence it need not be closed at the period end.

ekkarill92 answered 1 year ago

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