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Q 22QS

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Financial & Managerial Accounting
Found in: Page 144
Financial & Managerial Accounting

Financial & Managerial Accounting

Book edition 7th
Author(s) John J Wild, Ken W. Shaw, Barbara Chiappetta
Pages 1096 pages
ISBN 9781259726705

Short Answer

Identity which of the following accounts would be included in a post-closing trial balance.

a. Accounts Receivable c. Goodwill e. Income Tax Expense

b. Salaries Expense d. Land f. Salaries Payable

Answer:

Accounts receivable, land goodwill, and salary payable.

See the step by step solution

Step by Step Solution

Step-by-Step Solution

Step 1: Accounts Receivable

When service is rendered but payment is still due, this amount is known as accounts receivable.

Step 2: Accounts included in the post-closing trial balance

Accounts included in the post-closing trial balance

  1. Accounts Receivable: Accounts receivable is permanent account.
  2. Land: Land is fixed asset account which is shown in post-closing trial balance.
  3. Salaries Payable: Salary payable is the permanent account shown at liability side of balance sheet.
  4. Goodwill: Goodwill is the intangible assets of the company.

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