Which of the following accounts will NOT be involved in closing entries?
A)Prepaid Insurance.
B)Service Revenue.
C)Utilities Expense.

Question

Quizplus · Accepted Answer

Prepaid Insurance is an asset account and is not closed at the end of the accounting period. Closing entries are made for temporary accounts (revenues, expenses, dividends) to transfer their balances to permanent accounts, not for asset accounts like Prepaid Insurance.

Which of the Following Accounts Will NOT Be Involved in Closing