Which of the Following Accounts Would Not Be Involved in Closing

question 11

Multiple Choice

Which of the following accounts would not be involved in closing entries?

• A) Advertising Expense
• B) J. Ryan, Drawing
• C) Salaries Payable
• D) Income from Services
• E) Rent Expense

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Definitions:

Services Revenue

Income earned by a company through the provision of services to customers.

Debit

An accounting entry that increases an asset or expense account, or decreases a liability or equity account.

Asset Accounts

Accounts on a company's balance sheet that represent the resources owned by the company which have economic value and can provide future benefits.

Debits

Entries on the left side of an accounting ledger, representing increases in assets or expenses and decreases in liabilities or equity.