Which of these accounts is not included in the post closing trial balance? notes payable owner's draws owner's capital O land

Q: Salaries Expense is debited to record the employer's FICA contributions and the FUTA and SUTA taxes.…

A: Payroll tax: This is the tax which is withheld by an employer from the pay of the employee and…

Q: how to correct a Notification has been received that the outstanding balance on one of the debtors…

A: Introduction:   Rectification entry has to be passed when any error has been made in the books of…

Q: Which of the following would not be included in a trial balance? Net income Accounts receivable…

A:

Q: Describe how debits and credits affect assets, liabilities, and permanent owners’ equity accounts.

A: Asset: Assets refer to the resources owned by the business, which are utilized in the course of the…

Q: Which of the following is a temporary account?Multiple Choice Retained Earnings Accounts…

A: Temporary account is an account whose balance is transferred to permanent account at the time of…

Q: Which Expense account is usually shown as the last Expense item on the Income Statement, regardless…

A: INCOME STATEMENT income Statement is one of the Important Financial Statement of the Company. It…

Q: dentify whether each account type is permanent or temporary: Assets I Select] Liabilities ISelect]…

A: Solution: Permanent accounts are those which are present on balance sheet and temporary accounts are…

Q: What is owner Capital listed as a debit or credit

A: Solution: Owner capital is the amount of capital invested in business by owner. This is shown as…

Q: Which of the following is NOT considered an accrued expense account? Interest Expense Rent Expense…

A: The correct answer is Option (C) Depreciation expense because the depreciation is an adjusting entry…

Q: Assuming the entity paid its employees their wages, incurred during the period. The proper debit to…

A: Nominal account have a rule of - Debiting all expenses and losses and crediting all incomes and…

Q: Why does the accruals that involve internal transactions require adjusting entries?

A: Adjusting entries are internal transactions that update account balances in accordance with accrual…

Q: The owner's contributions and withdrawals are reported on the income statement. True. False.

A: The income statement is a part of the financial statement. It includes all the revenue and expenses.…

Q: Which of the following accounts was created as the result of an accrual for expenses?  Group of…

A: Lets start with the basic understanding. Accrual for expense is a liability which is incur because…

Q: Withdrawals by an owner are found on the income statement as an expense True False

A: The income statement indicates the profitability of the company. The income statement contains the…

Q: Accrual Accounting - The Matching Concept How can expenses be recognized in the income statement…

A: The matching concept is a fundamental principle in accounting that requires the recognition of…

Q: Which of the following accounts would not be involved in preparing the income statement? Group of…

A: Profit and loss : Amount earned or lost on the sale of one or more items is referred to as the…

Q: Under the transaction of a cheque between two parties, an issuer is called: a. Payee b. Endorser c.…

A: Option d is correct.

Q: Under accrual basis of accounting, revenue is recognized when ______________ and expenses are…

A: Accrual basis of Accounting recognises when transactions take place. Under accrual basis accounting…

Q: balance sheet lists v

A: First option is wrong because revenues, expenses, gains and distributions to owners are listed in…

Q: Determine which permanent accounts should be included in the post closing trial balance. Income Tax…

A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…

Q: Describe how debits and credits affect temporary owners’ equity accounts.

A: Accounting follows the double-entry bookkeeping system. The basic rules of double-entry bookkeeping…

Q: What is the account used to record amounts withdrawn for personal use (not for business use) by an…

A: revenue: Revenue is used for recording the earnings of the business. capital: Capital is the…

Q: Outline the accounting procedures involved in applyingthe operating method by a lessor.

A:

Q: Determine which permanent accounts should be included in the post closing trial balance. Income Tax…

A: Note points - - Post-closing trial balance will include only permanent and real accounts. - such as…

Q: Which of the following is an example of a deferral? O Interest earned on a bank account O A…

A: The deferred revenue and expenditures are the amount of revenue and expenses that would be recorded…

Q: Why are some accounts "temporary" and others are "permanent?" How does this relate to the financial…

A: There are two types of account namely permanent account and temporary account.   Permanent accounts…

Q: Which Expense account is usually shown as the last Expense item on the Income Statement, regardless…

A: Income statement will be prepared  before the  preparation of the statement of owner’s equity…

Q: Which of the following is deductible as interest on Schedule A? a.Subscriptions to professional…

A: Answer Schedule A is for itemized deductions.it contains medical and rental expense, contribution…