Which of the following accounts will have a remaining balance after the closing process is completed?
A) Income from Services
B) Rent Expense
C) Owner's Drawing
D) Owner's Capital
E) Depreciation Expense

Question

Quizplus · Accepted Answer

Owner's Capital is a permanent account, meaning its balance carries over from one accounting period to the next. All the other accounts listed are temporary accounts, which are closed at the end of each accounting period to start fresh for the next period.

Which of the Following Accounts Will Have a Remaining Balance