Which of the following accounts could have a non-zero balance on a post-closing trial balance?
A) Dividends declared
B) Premium on bonds payable
C) Income tax expense
D) Interest expense

Question

Quizplus · Accepted Answer

Premium on bonds payable is a contra-liability account, meaning it has a credit balance. Therefore, it could have a non-zero balance on a post-closing trial balance if there is an outstanding premium amount. The other accounts listed should have a zero balance on a post-closing trial balance.

Which of the Following Accounts Could Have a Non-Zero Balance