For each account listed, identify whether the account is a temporary account or a permanent account.Accounta.Rent Expenseb. Prepaid RentPermanent orTemporary?Question ViewerC.Equipmentd. Munster, CapitalPermanente.Salaries PayableTemporaryf.Munster, Withdrawalsg.Service Revenueh. Supplies Expensei.Supplies

The objective of this question is to identify whether each of the listed accounts is a temporary or…

Answered: For each account listed, identify…

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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Which of the following accounts is considered a temporary or nominal account?A. Fees Earned RevenueB. Prepaid AdvertisingC. Unearned Service RevenueD. Prepaid Insurance
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Question: 1. Under the allowance method, Accounts recorded Uncollectible Expense is a. for an estimated amount. b. when an individual account is written off. c. for a known amount. d. several times during the accounting period.
Identify whether each of the following accounts is permanent or temporary A. Accounts Receivable B. Fees Earned Revenue C. Utility Expense D. Prepaid Rent
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Which of the following entries properly closes a temporary account? Select one: a. Income Summary XX Cash b. C. Debit Credit Expense Accumulated Depreciation XX Income Summary Income Summary d. e. XX Retained Earnings XX Dividends Debit Credit Debit Credit XX Debit Credit Income Summary XX Revenue XX XX Debit Credit XX XX
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The purchase of supplies on account is debited to supplies and credited to account receivable. Is this statement correct
Which of the following is the entry to be recorded by alaw firm when it receives a payment from a new client thatwill be earned when services are provided in the future?a. Debit Accounts Receivable; credit Service Revenue.b. Debit Unearned Revenue; credit Service Revenue.c. Debit Cash; credit Unearned Revenue.d. Debit Unearned Revenue; credit Cash

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