**Account Classification Exercise**For each of the following accounts, identify if it is nominal/temporary or real/permanent:1. **Fees Earned Revenue** - [ Select ]2. **Utility Expense** - The dropdown selection is open with the following options: - real/permanent - nominal/temporary3. **Unearned Revenue** - [ Select ]**Explanation:**This exercise aims to classify different types of accounts within financial statements as either nominal/temporary or real/permanent. You have the option to select the appropriate classification from a dropdown menu for each account type.- **Nominal/Temporary Accounts** typically refer to accounts that are closed at the end of the accounting period, such as revenues, expenses, and dividends.- **Real/Permanent Accounts** are accounts which carry their balances forward into the next period, including assets, liabilities, and equity accounts.

Permanent accounts are those accounts whose balance at the end of a given period (generally at the…

Answered: For each of the following 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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For each of the following accounts, identify if it is nominal/temporary or real/permanent: Fees Earned Revenue ( Select] Utility Expense [ Select ] [ Select ] real/permanent Unearned Reve nominal/temporary