It seems like the specific answer options (A, B, C, D, etc.) are missing from your query.
Revenue, expense, and dividend accounts do not appear on the post-closing trial balance because they have been closed to retained earnings.
Dividends are closed to Retained Earnings, so it would not appear on the post-closing trial balance.
Service Revenue is a temporary account being a revenue. Therefore, it will not appear in the post-closing trial balance.
Answer and Explanation:
The post-closing trial balance includes the permanent account balances, termed as equity, liability, and asset. Other account balances such as revenue, expenses, and other balances would become zero at the end of the period.
Step 3: Prepare the post-closing trial balance
These include all asset accounts, such as cash, accounts receivable, and equipment; liability accounts, like accounts payable and loans; and equity accounts, such as retained earnings and owner's capital.
Conclude that the account NOT listed in a post-closing trial balance is 'Service Revenue' because it is a temporary account that has been closed.
Dividends does not appear in the post-closing trial balance. Thus, choice D is the correct answer.
Conclude that Service Revenue will NOT appear on the post-closing trial balance because it is a temporary account that has been closed to Retained Earnings.
Fees Earned: This account represents revenue earned by the business. Since it is a temporary account related to income, it is closed at the end of the accounting period and does not appear on the post-closing trial balance.
Only permanent account balances should appear on the post-closing trial balance.
In a post-closing trial balance, all the real accounts are shown. Temporary accounts are no longer seen because their balances are already transferred to Retained earnings. Thus, Salaries expense is not included in a post-closing trial balance because it is a temporary account. The correct answer is C.
Answer and Explanation:
The income statement items are not reported in the post-closing trial balance as their balance is zeroed out. Also, the post-closing trial balance is the last step in the accounting cycle. Income tax expense is the only item that won't appear in the after-closing trial balance.
Answer and Explanation:
A) Revenues and expenses are not included in a post-closing trial balance. Closing zeroes out temporary accounts and, as a result, revenues and expenses should have no balance on a post-closing trial balance.
Yes, that is correct. Only permanent (or real) accounts appear on the post-closing trial balance. Here's why: Permanent accounts include asset, liability, and equity (e.g., Cash, Accounts Receivable, Accounts Payable, Retained Earnings).
Explanation: Only permanent (real) accounts remain after closing entries; nominal accounts have zero balances.
The account that would not appear on a post-closing trial balance is Service Revenue. This is because Service Revenue is a temporary account, and all temporary accounts (revenues, expenses, and dividends) are closed at the end of each accounting period.
Only permanent accounts—assets, liabilities, and equity—are included in the post-closing trial balance. Which accounts are excluded from the post-closing trial balance? Temporary accounts such as revenues, expenses, and dividends are excluded because their balances have been closed to retained earnings.
Answer and Explanation:
Medicare Tax Payable will appear on the post-closing trial balance. Only those accounts are recorded in trial balance which are of real and personal account nature. All nominal accounts are closed before this stage. Only real and personal accounts appear on post-closing trial balance .
Permanent accounts, also known as real accounts, do not require closing entries. These include asset, liability, and equity accounts. Examples are cash, accounts receivable, accounts payable, and retained earnings. These accounts carry their ending balances into the next accounting period and are not reset to zero.
Liabilities are balance sheet accounts which balances are transferred to the next period. Therefore, Dividends Payable is not present in the closing entries.
When dividends have a balance on the post-closing trial balance, this indicates an error because temporary accounts, like dividends, should be zeroed out, eliminated, and closed directly on the retained earnings account. Dividends account should not be found in the post-closing trial balance.
Revenue, expense, and dividend accounts do not appear on the post-closing trial balance because they have been closed to retained earnings.
Answer and Explanation:
The post-closing trial balance includes the permanent account balances, termed as equity, liability, and asset. Other account balances such as revenue, expenses, and other balances would become zero at the end of the period.
It is called the post-closing trial balance. Since all of the temporary accounts now have zero balances as a result of the closing process, only permanent accounts (asset, liability, and equity account balances other than dividends) should appear on the post-closing trial balance.