Question

3.Which of the following account will have zero balance at the start of year?. Single choice.​

Answer 1

Answer:

Service revenue account

Explanation:

After closing entries have been journalized and posted, all revenue accounts such as Service Revenue and all expense accounts will have a zero balance.

Revenue and expense accounts are all closed to the Income Summary account as part of the closing journal entries. This Income Summary account will afterwards have a balance amounting to the net income or loss for the period which will eventually be closed to the Retained Earnings account.

Asset accounts such as Supplies, Prepaid Insurance and Accumulated Depreciation - Equipment are not closed at the end of the period.

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