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.
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Accounts |
Closed |
Not Closed |
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1. |
Accounts Receivable |
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2. |
Rental Revenue |
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3. |
Repairs Expense |
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4. |
Building |
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5. |
Depreciation Expense |
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6. |
Accumulated Depreciation |
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7. |
Notes Payable |
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8. |
Interest Payable |
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9. |
Sales Revenue |
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10. |
Salaries and Wages Expense |
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11. |
Revenue Received in Advancea |
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12. |
Furniture |
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13. |
Prepaid Insurance |
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14. |
Insurance Expense |
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15. |
Advertising Expense |
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16. |
Retained Earnings |
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17. |
Dividends |
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18. |
Interest Revenue |
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19. |
Common Stock |
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20. |
Cash |
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aAnother title for Unearned Revenue. |
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