Which of the following accounts would be closed at the end of the year?
A)Joan Wilson, Capital
B)Accounts Receivable
C)Accumulated Depreciation
D)Supplies Expense

Question

Quizplus · Accepted Answer

Supplies Expense is a temporary account that tracks the cost of supplies used during the year. At the end of the year, the balance in this account should be closed, meaning it will be zeroed out and transferred to the owner's equity account. The other accounts listed are permanent accounts that carry over from year to year and are not closed at the end of the year.

Which of the Following Accounts Would Be Closed at the End