Which of the followingconsidered a nominal account?a) Inventoryb) Cashc) Rent Expensed) Accounts Payableaccounts is

Explanation of Nominal Accounts: Nominal accounts are temporary accounts used to record financial…

Answered: Which of the following considered a…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 5DQ: What is the purpose of the Income Summary account? How does it relate to the revenue and expense...

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Similar questions

Under which of the following categories would Accounts Receivable appear? A. long−term assets B. current assets C. long−term liabilities D. current liabilities
Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales Revenue
Which of the following is a nominal account? a. Retained earnings b. Accounts receivable c. Purchase returns and allowances d. Accumulated depreciation
In which of the following types of accounts are increases recorded by credits? A. revenues and liabilities B. drawing and assets C. expenses and liabilities
Which of the following items is not a specific account in acompany’s accounting records?a. Accounts Receivableb. Net Incomec. Sales Revenued. Unearned Revenue
Identify the asset from the following list of accounts:a. Notes Payableb. Common Stockc. Retained Earningsd. Inventory
Accounts receivable is classified as an _______________ a. An Asset b. A Expense. c. A Capital d. A Liability.
Which of the following items is NOT classified as a financial asset? a. promissory notes b. forward exchange contracts c. inventory d. accounts receivable
Determine if each statement represents the allowance (A) or direct write-off (DW) approach. On the balance sheet, accounts receivable are represented at net realizable value.
Which of the following is an asset account? O A. Unearned Revenue O B. Notes Payable OC. Accounts Receivable O D. Wages Payable
The realizable amount of notes receivable is considered. a. Income b. all of the above c. Noncurrent asset d. Current asset
describe the difeference between an account receivable and an account payable

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Which of the following considered a nominal account? a) Inventory b) Cash c) Rent Expense d) Accounts Payable accounts is