This exercise will give you practice in identifying those accounts which are closed at the end of the accounting period and those accounts which are not closed.

Instructions

Indicate whether the following accounts would or would not be closed at the end of the accounting period by placing an “X” in the appropriate column.

Accounts

Closed

Not Closed

1.

Accounts Receivable

2.

Rental Revenue

3.

Repairs Expense

4.

Building

5.

Depreciation Expense

6.

Accumulated Depreciation

7.

Notes Payable

8.

Interest Payable

9.

Sales Revenue

10.

Salaries and Wages Expense

11.

Revenue Received in Advancea

12.

Furniture

13.

Prepaid Insurance

14.

Insurance Expense

15.

Advertising Expense

16.

Retained Earnings

17.

Dividends

18.

Interest Revenue

19.

Common Stock

20.

Cash

aAnother title for Unearned Revenue.