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Question
Listed below are a number of accounts. Use the table below to classify each account. Indicate whether it is a temporary or permanent account, whether it is included in the income statement or balance sheet, and if it is closed at the end of the accounting period and, if so, how it is closed. The first one is done as an example.
| Account | Permanent (P) or Temporary (T) | Income Statement (IS) or Balance Sheet (BS) | Closed (C) or Not Closed (NC) | Closed with a Debit (D) or Credit (CR) | |
| a. | Accounts payable | P | BS | NC | |
| b. | Accounts receivable | ||||
| c. | Accumulated depreciation. Equipment | ||||
| d. | Advertising expense | ||||
| e. | Cash | ||||
| f. | Unearned revenues | ||||
| g. | Depreciation expense Equipment | ||||
| h. | Dividends | ||||
| i. | Equipment | ||||
| j. | Insurance expense | ||||
| k. | Interest expense | ||||
| l. | Miscellaneous expense | ||||
| m. | Notes payable | ||||
| n. | Office supplies | ||||
| o. | Office supplies expense | ||||
| p. | Prepaid expense | ||||
| q. | Rent expense | ||||
| r. | Common stock | ||||
| s. | Salaries expense | ||||
| t. | Salaries payable | ||||
| u. | Revenue |
Answer
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Related questions
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Periods
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