Which of the following accounts would not be involved in closing entries?
A) Advertising Expense
B) J. Ryan, Drawing
C) Salaries Payable
D) Income from Services
E) Rent Expense

Question

Quizplus · Accepted Answer

Salaries Payable is a liability account and would not be closed at the end of the accounting period. Closing entries are made for temporary accounts (like revenues, expenses, and drawings) to transfer their balances to permanent accounts, but Salaries Payable is a permanent account that carries its balance forward into the next accounting period.

Which of the Following Accounts Would Not Be Involved in Closing