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
Identify whether a debit or credit results in the indicated change for each of the following accounts. To decrease Prepaid Rent
Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Asskiabilitstockholders’ equRtøvenespenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written off
Which of the following accounts would need to be closed at the end of the period?a. Cashb. Supplies expensec. Unearned revenued. Accounts receivable
For every debit entry there must be a credit entry. O A. Principle of entity O B. Principle of double entry O C. Principle of historical cost OD. Principle of materiality Previous page
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
An “Accounts Receivable Customer Balances” report shows revenues by customer for a specified date range customer balances owed as of a specific date cash payments to creditors for a specific date range sales by customer as of a specific date
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
This account is credited to record payments received from customers prior to the rendering of services. Unearned Service Income Cash O Unearned Sales Revenue Service Income
Identify the correct pair of formula from the following column I and II: (Choose the correct alternative) Column I Column II A Current Account Surplus i. Receipts Payments C Balance Current Account i. Receipts + Payments D Current Account Deficit iv. Receipts < Payments Alternatives: а) А -i b) В - ii c) C - ii d) D - iv
The purchase of supplies on account is debited to supplies and credited to account receivable. Is this statement correct

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