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ACC 205 Week 2 Exercise 2 Understanding the closing process

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2. Understanding the closing process.Examine the following list of accounts:

Note Payable Accumulated Depreciation: Building

Alex Kenzy, Drawing Accounts Payable

Product Revenue Cash

Accounts Receivable Supplies Expense

Utility Expense

Which of the preceding accounts

a. appear on a post-closing trial balance?

b. are commonly known as temporary, or nominal, accounts?

c. generate a debit to Income Summary in the closing process?

d. are closed to the capital account in the closing process?

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