Which of the following accounts showing a balance on the post-closing trial balance indicate an error?
A)Land.
B)Dividends.
C)Accounts Payable.
D)Unearned Revenue.
E)Prepaid Insurance.

Question

Quizplus · Accepted Answer

Dividends should not have a balance on the post-closing trial balance because they are closed out to Retained Earnings at the end of the accounting period. Land, Accounts Payable, Unearned Revenue, and Prepaid Insurance may all have balances on the post-closing trial balance depending on transactions that occurred during the period.

Which of the Following Accounts Showing a Balance on the Post-Closing