The closing entries in accounting are made at the end of an accounting period to prepare temporary accounts for the next period. This process involves transferring the balances of temporary income, expense, and withdrawal accounts to permanent capital or owner's equity.

Here are the explanations for each option:

A. Dividends: This is a temporary account that would be closed at the end of the accounting period. So, this account would be present in the closing entries.

B. Accounts Receivable: This is a permanent or real account that would not be closed at the end of the accounting period. So, this account would not be present in the closing entries.

C. Unearned Service Revenue: This is a liability account and is also a permanent account. It would not be closed at the end of the accounting period. So, this account would not be present in the closing entries.

D. Sales Tax Payable: This is also a liability account and a permanent account. It would not be closed at the end of the accounting period. So, this account would not be present in the closing entries.

So, the correct answer is A. Dividends.

Question

The closing entries in accounting are made at the end of an accounting period to prepare temporary accounts for the next period. This process involves transferring the balances of temporary income, expense, and withdrawal accounts to permanent capital or owner's equity.

Here are the explanations for each option:

A. Dividends: This is a temporary account that would be closed at the end of the accounting period. So, this account would be present in the closing entries.

B. Accounts Receivable: This is a permanent or real account that would not be closed at the end of the accounting period. So, this account would not be present in the closing entries.

C. Unearned Service Revenue: This is a liability account and is also a permanent account. It would not be closed at the end of the accounting period. So, this account would not be present in the closing entries.

D. Sales Tax Payable: This is also a liability account and a permanent account. It would not be closed at the end of the accounting period. So, this account would not be present in the closing entries.

So, the correct answer is A. Dividends.

Knowee AI · Accepted Answer

The closing entries in accounting are made at the end of an accounting period to prepare temporary accounts for the next period. This process involves transferring the balances of temporary income, expense, and withdrawal accounts to permanent capital or owner's equity.

Here are the explanations for each option:

A. Dividends: This is a temporary account that would be closed at the end of the accounting period. So, this account would be present in the closing entries.

B. Accounts Receivable: This is a permanent or real account that would not be closed at the end of the accounting period. So, this account would not be present in the closing entries.

C. Unearned Service Revenue: This is a liability account and is also a permanent account. It would not be closed at the end of the accounting period. So, this account would not be present in the closing entries.

D. Sales Tax Payable: This is also a liability account and a permanent account. It would not be closed at the end of the accounting period. So, this account would not be present in the closing entries.

So, the correct answer is A. Dividends.

LO 5.1 Which of these accounts would be present in the closing entries?Choose one answer from the options below.A. Dividends B. Accounts ReceivableC. Unearned Service RevenueD. Sales Tax Payable

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