Which of the Following Accounts Is(are)listed in a Post-Closing Trial

question 10

Multiple Choice

Which of the following accounts is(are) listed in a post-closing trial balance?

• A)Prepaid Rent.
• B)Accounts Payable.
• C)Salaries Expense.
• D)Two of these three accounts would be included in a post-closing trial balance.

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Definitions:

Merchandise

Goods that a business purchases to sell to customers in the ordinary course of its business; typically, items bought for resale.

Inventory

The raw materials, work-in-progress products, and fully finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale.

Sales Tax Payable

Sales tax payable is a liability account that records the amount of sales tax collected by a company from customers, which is due to be paid to the governmental tax authority.

Liability Account

An account on the balance sheet representing an obligation to pay money or deliver goods or services to another entity in the future.