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Identifying Temporary Accounts 1. Identify which of the following are temporary accounts of ABC Company. A. All of the above B. ABC, Capital C. None of the above D. Depreciation Expense E. Equipment F. Interest Revenue G. Accumulated Depreciation Post-Closing Trial Balance 1. Service Revenue A. Yes B. No 2. Income Summary A. Yes B. No 3. Notes Payable A. Yes B. No 4. Interest Expense A. Yes B. No 5. Cash A. Yes B. No 6. Depreciation Expense A. Yes B. No

Identifying Temporary Accounts 1. Identify which of the following are temporary accounts of ABC Company. A. All of the above B. ABC, Capital C. None of the above D. Depreciation Expense E. Equipment F. Interest Revenue G. Accumulated Depreciation Post-Closing Trial Balance 1. Service Revenue A. Yes B. No 2. Income Summary A. Yes B. No 3. Notes Payable A. Yes B. No 4. Interest Expense A. Yes B. No 5. Cash A. Yes B. No 6. Depreciation Expense A. Yes B. No

FINANCIAL ACCOUNTING
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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Identifying Temporary Accounts 1. Identify which of the following are temporary accounts of ABC Company. A. All of the above B. ABC, Capital C. None of the above D. Depreciation Expense E. Equipment F. Interest Revenue G. Accumulated Depreciation Post-Closing Trial Balance 1. Service Revenue A. Yes B. No 2. Income Summary A. Yes B. No 3. Notes Payable A. Yes B. No 4. Interest Expense A. Yes B. No 5. Cash A. Yes B. No 6. Depreciation Expense A. Yes B. No 7. Accumulated Depreciation A. Yes B. No 8. Interest Payable A. Yes B. No 9. Interest Revenue A. Yes B. No
Transcribed Image Text:Identifying Temporary Accounts 1. Identify which of the following are temporary accounts of ABC Company. A. All of the above B. ABC, Capital C. None of the above D. Depreciation Expense E. Equipment F. Interest Revenue G. Accumulated Depreciation Post-Closing Trial Balance 1. Service Revenue A. Yes B. No 2. Income Summary A. Yes B. No 3. Notes Payable A. Yes B. No 4. Interest Expense A. Yes B. No 5. Cash A. Yes B. No 6. Depreciation Expense A. Yes B. No 7. Accumulated Depreciation A. Yes B. No 8. Interest Payable A. Yes B. No 9. Interest Revenue A. Yes B. No
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