Question

Identify which of the following accounts would be included in a post-closing trial balance. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.)

• Rent Payable
• Owner Withdrawals
• Note Payable
• Unearned Revenue
• Services Revenue
• Store Equipment

Answer 1

Solution

Post closing trial balance : post closing trial balance is a summary of all the assets, liability and capital accounts and their balances, after the closing entries are prepared. So, post closing trial balance reports the balances of real or permanent accounts only.

Accounts included in post closing trial balance

Rent payable ( Is a real account, hence it appears on post closing trial balance )

Note payable ( Is a real account, hence it appears on post closing trial balance )

Unearned revenue ( Is a real account, hence it appears on post closing trial balance )

Store equipment ( It is real account, hence it appears on post closing trial balance )

Note : Owner withdrawals and service revenue doesn't appears on post closing trial balance because it is nominal account.