Identify Which of the Following Accounts Would Have Balances on a Post-Closing

question 86

Short Answer

Identify which of the following accounts would have balances on a post-closing trial balance.
(1) Service Revenue
(2) Income Summary
(3) Notes Payable
(4) Interest Expense
(5) Cash

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Definitions:

Firm Offer

A firm offer is a binding proposal in contract law that cannot be withdrawn for a certain period of time by the offering party.

Breach of Contract

The failure to perform any term of a contract, written or oral, without a legitimate legal excuse.

Merchant

An individual or business involved in the wholesale or retail sale of goods.

Firm Offer

A proposal in business transactions that remains valid for a specified period and cannot be revoked during that time.