Question

In: Accounting

30. Which of the following is the only account that would be included in a closing...

30. Which of the following is the only account that would be included in a closing entry?

Multiple Choice

  • Cash

  • Supplies Expense

  • Accounts Payable

  • Accumulated Depreciation

The Supplies Expense account is reported on the:

Multiple Choice

  • Income Statement and has a normal credit balance.

  • Balance Sheet and has a normal credit balance.

  • Balance Sheet and has a normal debit balance.

  • Income Statement and has a normal debit balance.

Solutions

Expert Solution

30) Closing entry includes all temporary account like revenue, expense and dividend account but all permanent account would not be included in closing entry

So answer is b) Supplies expense

31) Supplies expense account is an expense account so it has normal balance of debit in income statement

So answer is d) Income statement and has a normal debit balance

ekkarill92 answered 2 years ago
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