STATEMENTS

Answer

The entries that reduce the balances in revenue and expense accounts to zero at the end of the accounting period are known as ............................

     1.    The annual period ending when a business’s activities have reached the lowest point in its annual operating cycle is called the ..................................

2–4.    Indicate whether each of the following accounts would be reported on the post-closing trial balance (answer yes or no):

     2.    Rent Expense .......................................................................................................

     3.    Accumulated Depreciation—Machinery ...........................................................

     4.    Depreciation Expense—Office Equipment ......................................................