Which of the following accounts would not be involved in any of the closing entries?
A)Fred Sanford, Drawing
B)Advertising Expense
C)Accounts Payable
D)Income from Services

Question

Quizplus · Accepted Answer

Accounts Payable is a liability account and is not closed at the end of the accounting period. Closing entries are made for temporary accounts (revenues, expenses, dividends/drawings) to transfer their balances to permanent accounts (retained earnings or capital), but not for permanent accounts like Accounts Payable.

Which of the Following Accounts Would Not Be Involved in Any