Which of the following account balances would be closed at year-end?
A)Interest expense.
B)Accumulated depreciation.
C)Retained earnings.
D)Unearned revenues.

Question

Quizplus · Accepted Answer

Interest expense is a temporary account that is closed at the end of the accounting period to transfer its balance to a permanent account, such as Retained Earnings, to prepare the books for the next period.

Which of the Following Account Balances Would Be Closed at Year-End