After all closing entries have been posted, which of the following accounts is most likely to have a nonzero balance?
A) Interest Expense
B) Wages Payable
C) Service Revenue
D) Income Summary

Question

Quizplus · Accepted Answer

Wages Payable is a liability account that represents the amount of wages owed to employees but not yet paid. It is normal for this account to have a nonzero balance after closing entries have been posted, as not all wages may have been paid by the end of the accounting period. The other accounts listed (Interest Expense, Service Revenue, and Income Summary) are all temporary accounts that should have a zero balance after closing entries have been posted.

After All Closing Entries Have Been Posted, Which of the Following