Which of the following accounts would not be included in the closing process at year-end?
A)Rent expense.
B)Sales revenue.
C)Additional paid-in capital.
D)Cost of goods solD.Income statement accounts are closed.Balance sheet accounts remain open.Additional paid-in capital is a balance sheet account.

Question

Quizplus · Accepted Answer

Additional paid-in capital is a balance sheet account and is not closed during the year-end closing process. Only income statement accounts are closed, while balance sheet accounts remain open. Rent expense and Cost of goods sold are income statement accounts, while Sales revenue is also closed but would be included in the closing process.

Which of the Following Accounts Would Not Be Included in the Closing