Which of the Following Accounts Showing a Balance on the Post-Closing

question 104

Multiple Choice

Which of the following accounts showing a balance on the post-closing trial balance indicate an error?

• A)Office Equipment.
• B)Accumulated Depreciation-Office Equipment.
• C)Depreciation Expense-Office Equipment.
• D)N.Young,Capital.
• E)Salaries Payable.

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Definitions:

Adjusting Entry

An entry made in the books of accounts at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.

Credit Sales

Transactions involving the transfer of goods or services to a customer with the agreement that payment will be made at a later date.

Uncollectible Accounts

Debts owed to a company that are considered unlikely to be paid by the debtor, often resulting in a write-off for the creditor.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.