After posting the closing entries,which of the following accounts is most likely not to have a zero balance?
A)Prepaid Insurance
B)Advertising Expense
C)J)Smith,Withdrawals
D)Medical Fees

Question

Quizplus · Accepted Answer

Prepaid Insurance account is an asset account that represents the cost of insurance that has been paid in advance. It is not a temporary account that gets closed at the end of the accounting period like revenue and expense accounts. Therefore, it is possible that Prepaid Insurance account will have a balance after the closing entries have been posted.

After Posting the Closing Entries,which of the Following Accounts Is