2. For each of the following accounts, identify whether it would be closed at year-end (yes or no) and on which financial statement the account would be reported (Balance Sheet, Income Statement, or Retained Earnings Statement). 1. Accounts Payable 2. Accounts Receivable 3. Cash 4. Dividends 5. Fees Earned Revenue 6. Insurance Expense 7. Prepaid Insurance

2. For each of the following accounts, identify whether it would be closed at year-end (yes or no) and on which financial statement the account would be reported (Balance Sheet, Income Statement, or Retained Earnings Statement). 1. Accounts Payable 2. Accounts Receivable 3. Cash 4. Dividends 5. Fees Earned Revenue 6. Insurance Expense 7. Prepaid Insurance

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 11EA: For each of the following accounts, identify in which section of the classified balance sheet it...

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