After recording and posting the closing entries, the accounts that will have a zero balance are temporary or nominal accounts. These include all revenue accounts, expense accounts, and the owner's drawing account, if applicable.

Here are the steps to determine which accounts will have a zero balance:

1. Identify the type of each account:
a. Professional fees - This is an expense account.
b. Advertising supplies - This is an asset account.
c. Prepaid Rent - This is an asset account.
d. Allowance for Doubtful Accounts - This is a contra asset account.

2. Determine which accounts are temporary or nominal:
a. Professional fees - This is a temporary account.
b. Advertising supplies - This is a permanent account.
c. Prepaid Rent - This is a permanent account.
d. Allowance for Doubtful Accounts - This is a permanent account.

3. Temporary accounts are closed at the end of the accounting period, so they will have a zero balance after closing entries are posted.

So, the answer

Question

After recording and posting the closing entries, the accounts that will have a zero balance are temporary or nominal accounts. These include all revenue accounts, expense accounts, and the owner's drawing account, if applicable.

Here are the steps to determine which accounts will have a zero balance:

1. Identify the type of each account: 
   a. Professional fees - This is an expense account.
   b. Advertising supplies - This is an asset account.
   c. Prepaid Rent - This is an asset account.
   d. Allowance for Doubtful Accounts - This is a contra asset account.

2. Determine which accounts are temporary or nominal: 
   a. Professional fees - This is a temporary account.
   b. Advertising supplies - This is a permanent account.
   c. Prepaid Rent - This is a permanent account.
   d. Allowance for Doubtful Accounts - This is a permanent account.

3. Temporary accounts are closed at the end of the accounting period, so they will have a zero balance after closing entries are posted.

So, the answer

Knowee AI · Accepted Answer

After recording and posting the closing entries, the accounts that will have a zero balance are temporary or nominal accounts. These include all revenue accounts, expense accounts, and the owner's drawing account, if applicable.

Here are the steps to determine which accounts will have a zero balance:

1. Identify the type of each account: 
   a. Professional fees - This is an expense account.
   b. Advertising supplies - This is an asset account.
   c. Prepaid Rent - This is an asset account.
   d. Allowance for Doubtful Accounts - This is a contra asset account.

2. Determine which accounts are temporary or nominal: 
   a. Professional fees - This is a temporary account.
   b. Advertising supplies - This is a permanent account.
   c. Prepaid Rent - This is a permanent account.
   d. Allowance for Doubtful Accounts - This is a permanent account.

3. Temporary accounts are closed at the end of the accounting period, so they will have a zero balance after closing entries are posted.

So, the answer

After recording and posting the closing entries, which of the following accounts will have a zero balance?*a. Professional feesb. Advertising suppliesc. Prepaid Rentd. Allowance for Doubtful Accounts

Question

Solution

Similar Questions

Upgrade your grade with Knowee