Listed below are nine accounts. How many o f these accounts would be classified as nominal ac counts? 1. Notes payable Cash 2. 3. Retained earnings 4. Cost of goods sold 5. Unearned revenue 6. Depreciation expense 7. Prepaid rent 8. Gain on sale of land 9. Dividends 02 03 4 05 6 07

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is