Which of the Following Account Balances Would Be Closed at Year-End

question 119

Multiple Choice

Which of the following account balances would be closed at year-end by crediting the account?

• A)Investment revenue.
• B)Loss on sale of building.
• C)Sales revenue.
• D)Unearned revenues.

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Definitions:

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns to ensure a company's bookkeeping system is mathematically correct.

Ledger Accounts

Individual records that summarize transactions related to a specific account within the general ledger.

Debits

An accounting entry that results in either an increase in assets or a decrease in liabilities or equity on a company's balance sheet.

Credits

Accounting entries that increase liabilities or equity, or decrease assets.