Q4TI_2
Question
For each account listed, identify whether the account would appear on the post-closing trial balance. Indicate either yes or no.
17. Service Revenue
Step-by-Step Solution
Verified Answer
No
1Step-by-Step-Solution Step 1: Explanation on Post Closing Trial Balance
Post closing trial balance is prepared after recording the closing entries. It only reports the permanent account of the business.
2Step 2: Explanation on Service Revenue
Service revenue indicates the income generated by providing the services to the customers. It is temporary account, which is closed by recording closing entry, hence not reported in closing trial balance.
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