Accumulated depreciation appears on the: Balance sheet in the Property, Plant and Equipment section.

You are watching: There are two closing entries. the first one is to close _____; the second one is to close _____.


The entry to adjust for the cost of supplies used during the accounting period is: Debit Supplies Expense; Credit Supplies
A company purchases a one-year insurance policy on February 1 for $2,400. The adjusting entry on December 31 is: Debit Insurance Expense $2,200; Credit Prepaid Insurance $2,200
Which of the following accounts should be closed to the capital account at the end of the year? Service Revenue
Which of the following accounts will not be closed to the capital account at the end of the year? Prepaid Insurance
The post-closing trial balance differs from the adjusted trial balance in that it does not: Include income statement accounts.
Which of the following accounts ordinarily appear in the post-closing trial balance? Unearned rent or Accumulated Depreciation
There are two closing entries. The first one to close _____; the second one to close_____: (first) Revenues and Expenses(second) the Drawing account
Closing entries: is a journal entry that is made at the end of an accounting period to transfer balances from a temporary account to a permanent account.
is a journal entry that is made at the end of an accounting period to transfer balances from a temporary account to a permanent account.
After posting the first closing entry to the owner"s capital account, the balance will be increased (decreased) by: the net income (net loss) for the period.

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The income statement will present: Revenues less expenses (ordered largest to smallest amounts) with miscellaneous expenses listed last
Revenues less expenses (ordered largest to smallest amounts) with miscellaneous expenses listed last.
The entry to adjust for salaries accrued at the end of the accounting period is: Debit Salaries Expense; Credit Salaries Payable
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