Which of the following accounts will have an ending balance after the closing process is completed?
A) Owner, Withdrawals
B) Rent Expense
C) Accumulated Depreciation
D) Service Revenue

Question

Quizplus · Accepted Answer

Accumulated Depreciation is a contra asset account and is not closed at the end of the accounting period. It continues to accumulate the total depreciation of an asset over its useful life, thus it will have an ending balance after the closing process.

Which of the Following Accounts Will Have an Ending Balance