After All Closing Entries Have Been Posted, Which of the Following

question 52

Multiple Choice

After all closing entries have been posted, which of the following accounts is most likely to have a nonzero balance?

• A) Interest Expense
• B) Wages Payable
• C) Service Revenue
• D) Income Summary

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Definitions:

Bearing Them

Taking responsibility for or dealing with something, often implying a burden or hardship that must be endured.

Transferable

Characteristic of an item, right, or obligation, that allows it to be passed from one party to another, often involving legal documentation.

Negotiable

Capable of being bought, sold, or transferred to another party, often used to describe financial instruments.

Pay To

A directive on checks or drafts indicating to whom the payment is to be made.