Use the pre-closing trial balance for XXX Corp. how many temporary accounts does

Question

Use the pre-closing trial balance for XXX Corp. how many temporary accounts does XXX Corp. need to close at year-end? Answer numerically or spell the number (e.g., 1 or one) XXX Corp. Pre-Close Trial Balance (Adjusted) Year -End Unearned Service Revenue Supplies Expense Supplies Service Revenue Salaries and Wages Payable Salaries and Wages Expense Retained Earnings Rent Expense Prepaid Insurance Notes Payable Interest Payable Interest Expense Cost of Goods Sold Gain on sale of equipment Equipment Depreciation Expense Common Stock Insurance Expense Cash Accumulated Depreciation Equipment Accounts Receivable Accounts Pavable S250 2,800 800 47,700 1,850 27,850 19,800 2,000 800 10,000 600 600 5,000 6,000 30,000 3,000 1,000 1,200 16,500 15,000 7,250 2,600

Explanation / Answer

Temporary accounts are revenue, expenses, and dividend accounts. The following 9 accounts are the temporary accounts of XXX Corp.

1. Supplies expense

2. Service revenue

3. Salaries and wages expense

4. Rent expense

5. Interest expense

6. Cost of goods sold

7. Gain on sale of equipment

8. Depreciation expense

9. Insurance expense

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