All of the Following Accounts Will Appear on the Post-Closing

question 38

Multiple Choice

All of the following accounts will appear on the post-closing trial balance except

• A) Equipment.
• B) Accumulated Depreciation-Equipment.
• C) Depreciation Expense-Equipment.
• D) Accounts Payable.

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Definitions:

Law Merchant

In England, the commercial law developed by merchants who needed a set of rules to govern their business transactions.

Holder in Due Course

A person or entity that has acquired a negotiable instrument in good faith and has certain protections under the law.

Negotiable Instrument

A document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payer named on the document.

Rights

Entitlements or permissions, usually legal or moral, that individuals or groups have to certain actions or claims, without interference from others.