After all closing entries have been posted,which of the following accounts is most likely to have a nonzero balance?

Question

Quizplus · Accepted Answer

Wages Payable is the most likely account to have a nonzero balance after all closing entries have been posted because it represents wages that have been earned by employees but not yet paid as of the end of the accounting period. Closing entries only relate to revenue and expense accounts and not to liability accounts such as Wages Payable. Therefore, it is possible for this account to still have a balance after all other accounts have been closed. The other options, Income Summary, Interest Expense, and Service Revenue, all relate to revenue and expense accounts that should be closed to Retained Earnings at the end of the accounting period.

After All Closing Entries Have Been Posted,which of the Following