Which of the following accounts is not found in closing entries?

Question

Quizplus · Accepted Answer

Closing entries are used to transfer the balances of temporary accounts (revenue, expenses, and dividends) to the permanent account (retained earnings). Accumulated Depreciation-Equipment is a contra-asset account, which has a normal credit balance to reduce the value of the related asset account. It is not a temporary account, and its balance is carried forward from period to period. Therefore, it is not included in closing entries.

Which of the Following Accounts Is Not Found in Closing