Closing Entries Video Lessons

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Problem: Both the depreciation expense account and the accumulated depreciation account at the end of the first year of operations  A. are closed. B. have balances in an adjusted trial balance prepared after the adjusting entries but before the closing entries. C. are not closed at the end of the accounting period. D. have balances in a trial balance prepared prior to the adjusting and closing entries.

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Problem Details

Both the depreciation expense account and the accumulated depreciation account at the end of the first year of operations 

A. are closed.

B. have balances in an adjusted trial balance prepared after the adjusting entries but before the closing entries.

C. are not closed at the end of the accounting period.

D. have balances in a trial balance prepared prior to the adjusting and closing entries.

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Our tutors rated the difficulty ofBoth the depreciation expense account and the accumulated de...as medium difficulty.