Which Account Will Have a Zero Balance After Closing Entries

question 58

Multiple Choice

Which account will have a zero balance after closing entries have been journalized and posted?

• A)Service revenue.
• B)Supplies.
• C)Prepaid Insurance.
• D)Accumulated Depreciation.

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Definitions:

Doubled

Refers to an increase by 100% or a situation where a quantity has become twice as large.

Quantity Theory

The theory in economics that the quantity of money available in an economy is the major determinant of the economic activity level, prices, and inflation.

Crude Quantity

An initial, unrefined estimate of the amount or volume of a substance or material.

Grief

The emotional suffering one feels when something or someone the individual loves is taken away.