Which of the following is a temporary account? Accumulated Depreciation Accounts Receivable Purchases Returns Allowances Retained...

Question

Question

Which of the following is a temporary account? Accumulated Depreciation Accounts Receivable Purchases Returns Allowances Retained...

Which of the following is a temporary account?

Accumulated Depreciation

Accounts Receivable

Purchases Returns

Allowances Retained Earnings

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Option C is the answer

Purchase returns is a temporary and contra account. It reduces the balance of purchases account.

Comment if you face any issues.

Add a comment

Answer 2

Similar Homework Help Questions

Only part c Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash...

Only part c Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash Casuality Loss from Vandalism Cost of Goods Sold Depreciation Expense Dividend Revenue Equipment Freight-In Freight-Out Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Notes Payable Operating Expenses Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Salaries and...
Account titles available for use: Cash Accounts Receivable Purchases Purchase Allowances Purchase Returns Sales Revenue Cost...

Account titles available for use: Cash Accounts Receivable Purchases Purchase Allowances Purchase Returns Sales Revenue Cost of Goods Sold Freight Expense Accounts Payable Purchase Discounts Sales Returns Interest Expense Inventory Supplies Freight-In Loss from Inventory Shrinkage Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. For compound entries list...
Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture...

Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture Accumulated Depreciation - Vehicles Advertising Expense Bank Loan Payable Bank Loan Receivable Buildings Cash Common Shares Depreciation Expense Dividends Declared Equipment Fees Earned Furniture Income Summary Income Tax Expense Income Tax Payable Income Tax Receivable Insurance Expense Insurance Revenue Interest Expense Interest Payable Interest Receivable Interest Revenue Land Mortgage Payable No Entry Notes Receivable Office Expense Prepaid Advertising Prepaid Expense Prepaid Insurance Prepaid Rent...

Debit Credit Account Titles Cash Accounts Receivable 15,360 9,210 5,680 48,900 Supplies Equipment Accumulated Depreciation Accounts...

Debit Credit Account Titles Cash Accounts Receivable 15,360 9,210 5,680 48,900 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue 6,500 3,640 1,630 23,100 21,400 15,000 49,880 7,300 Rent Revenue Depreciation Expense Utilities Expense 3,300 11,000 5,000 113,450 Supplies Expense Total 113,450 Required: Prepare the fourth closing entry to close the Dividends account to the Retained Earnings account. Date Account Title Debit Credit Dec. 31 Dividends
Following are the general ledger account balances, listed in alphabetical order Accounts payable Accounts receivable Accumulated...

Following are the general ledger account balances, listed in alphabetical order Accounts payable Accounts receivable Accumulated depreciation-equipment 3,700 Rent expense Cash Common shares Dividends declared Equipment s 3,000 Held for trading investments 5,600 400 900 11,720 3,700 6,020 160 4,000 Income tax expense 2,400 Retained earnings 9,100 Salaries expense 300 Service revenue 16,400 Unearned revenue Identify the normal balance of each account. Normal Balance Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Dividends declared Equipment Held for trading investments...
ACCOUNT NAME DR CR CASH 38 9 ACCOUNTS RECEIVABLE PREPAID INSURANCE EQUIPMENT 80 ACCUMULATED DEPRECIATION ACCOUNTS...

ACCOUNT NAME DR CR CASH 38 9 ACCOUNTS RECEIVABLE PREPAID INSURANCE EQUIPMENT 80 ACCUMULATED DEPRECIATION ACCOUNTS PAYABLE 9 COMMON STOCK 76 RETAINED EARNINGS 4 SALES REVENUE 80 INSURANCE EXPENSE SALARIES AND WAGES EXPENSE SUPPLIES EXPENSE 26 TOTALS : What is Net Income for Mint Cleaners? What is ending Retained Earnings for Mint Cleaners? What are total assets for Mint Cleaners?

Which of the following statements is true regarding sales returns and allowances? Multiple Choice Estimated sales...

Which of the following statements is true regarding sales returns and allowances? Multiple Choice Estimated sales returns and allowances are often material in relation to accounts receivable. The sales returns and allowances account is a contra-asset account. Ignoring estimated future returns and allowances has a minimal impact on reported earnings when the amount of actual returns and allowances is not material and does not vary greatly from year-to-year. When sales returns occur, they should be debited to the sales account.
Here are the accounts available: Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation -...

Here are the accounts available: Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Leasehold Improvements Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicles Advertising Expense Asset Retirement Obligation Buildings Cash Common Shares Contributed Surplus Contributed Surplus - Donated Capital Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Donation Revenue Equipment Finance Expense Finance Revenue Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Machinery Gain...
Inventory-Ending Land Land for Future Plant Site Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated Other Comprehensive...

Inventory-Ending Land Land for Future Plant Site Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated Other Comprehensive Income Advances to Employees Advertising Expense Allowance for Doubtful Accounts Bond Sinking Fund Bonds Payable Buildings Cash (in bank) Cash (on hand) Cash Surrender Value of Life Insurance Commission Expense Common Stock Copyrights Debt Investments (trading) Dividends Payable Equipment Freight-In Gain on Disposal of Equipment Interest Receivable Inventory-Beginning Loss from Flood Noncontrolling Interest Notes Payable (due next year) Paid-in Capital in Excess of Par-Preferred...

Which of the following is not part of working capital? Accumulated depreciation Accounts Payable Accounts Receivable...

Which of the following is not part of working capital? Accumulated depreciation Accounts Payable Accounts Receivable Inventory

Which of the following is a temporary account? Accumulated Depreciation Accounts Receivable Purchases Returns Allowances Retained...

Homework Answers

Add Answer to:
Which of the following is a temporary account? Accumulated Depreciation Accounts Receivable Purchases Returns Allowances Retained...

Post as a guest

Earn Coins

Only part c Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash...

Account titles available for use: Cash Accounts Receivable Purchases Purchase Allowances Purchase Returns Sales Revenue Cost...

Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture...

Debit Credit Account Titles Cash Accounts Receivable 15,360 9,210 5,680 48,900 Supplies Equipment Accumulated Depreciation Accounts...

Following are the general ledger account balances, listed in alphabetical order Accounts payable Accounts receivable Accumulated...

ACCOUNT NAME DR CR CASH 38 9 ACCOUNTS RECEIVABLE PREPAID INSURANCE EQUIPMENT 80 ACCUMULATED DEPRECIATION ACCOUNTS...

Which of the following statements is true regarding sales returns and allowances? Multiple Choice Estimated sales...

Here are the accounts available: Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation -...

Inventory-Ending Land Land for Future Plant Site Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated Other Comprehensive...

Which of the following is not part of working capital? Accumulated depreciation Accounts Payable Accounts Receivable...

Which of the following is a temporary account? Accumulated Depreciation Accounts Receivable Purchases Returns Allowances Retained...

Homework Answers

Add Answer to: Which of the following is a temporary account? Accumulated Depreciation Accounts Receivable Purchases Returns Allowances Retained...

Post as a guest

Earn Coins

Add Answer to:
Which of the following is a temporary account? Accumulated Depreciation Accounts Receivable Purchases Returns Allowances Retained...