4.5.6.What accounts are considered temporary accounts? Hint: Use the broad categories that wehave discussed since day one in class. Otherwise, give at least three examples of specificaccounts.What financial statement does all the permanent accounts get listed on?With the following accounts please tell me what the normal account balance would be. Keep inmind of your hints that I have given you throughout the semester so far.Account nameCashDividendsAccounts PayableRetained EarningsPrepaid InsuranceTelephone expenseCommissions EarnedoftNormal Balance

Answered: 4. What accounts are considered…

4. What accounts are considered temporary accounts? Hint: Use the broad categories that we have discussed since day one in class. Otherwise, give at least three examples of specific accounts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

4.
5.
6.
What accounts are considered temporary accounts? Hint: Use the broad categories that we
have discussed since day one in class. Otherwise, give at least three examples of specific
accounts.
What financial statement does all the permanent accounts get listed on?
With the following accounts please tell me what the normal account balance would be. Keep in
mind of your hints that I have given you throughout the semester so far.
Account name
Cash
Dividends
Accounts Payable
Retained Earnings
Prepaid Insurance
Telephone expense
Commissions Earned
oft
Normal Balance

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