Which of the following accounts is not found in closing entries?
A)Accumulated Depreciation-Equipment
B)Owner's Capital
C)Income Summary
D)Withdrawals

Question

Quizplus · Accepted Answer

Accumulated Depreciation-Equipment is not closed out at the end of the accounting period as it is a permanent account and reflects the accumulated depreciation up to that point in time. The other accounts listed are temporary accounts that are closed out at the end of the period through the use of closing entries.

Which of the Following Accounts Is Not Found in Closing