Homework Answers
Ans. Option C
Explanation: All revenues and expenses are considered as temporary accounts. These accounts are closed at the end of an accounting period.
All assets and liabilities are known as permanent accounts.
So, accounts receivable (asset) and salary payable (liability) are permanent accounts & Salary expenses (expense) is a temporary account.
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Respectively, Accounts Receivable, Salary Expense and Salary Payable are: O A. all permanent accounts. OB. temporary,...
Respectively, Equipment, Cash, and Accounts Payable are: O A. all temporary accounts. OB. temporary, temporary, and...
Respectively, Equipment, Cash, and Accounts Payable are: O A. all temporary accounts. OB. temporary, temporary, and permanent accounts. O C. all permanent accounts. OD. temporary, permanent, and temporary accounts.
Question 3 (1 point) The Purchases account is OA) a permanent account. OB) a temporary account...
Question 3 (1 point) The Purchases account is OA) a permanent account. OB) a temporary account OC) an asset account. O D) a liability account.
Which of the following is an asset? OA. Common Stock OB Service Revenue OC. Salary Expense...
Which of the following is an asset? OA. Common Stock OB Service Revenue OC. Salary Expense OD. None of the listed accounts is an asset
Which types of accounts will appear in the post-closing trial balance? Permanent accounts. O Temporary accounts....
Which types of accounts will appear in the post-closing trial balance? Permanent accounts. O Temporary accounts. O Accounts shown in the income statement columns of a work sheet. O None of these.
Question 1: Briefly discuss the difference between “Temporary Accounts” and “Permanent Accounts”. The financial statement columns...
Question 1: Briefly
discuss the difference between “Temporary Accounts” and “Permanent
Accounts”.
The financial statement columns of the worksheet December 31, 2017, are as follows: Income Statement Debit Credit Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Note Payable (Long term) Salaries and Wages Payable Share Capital-Ordinary Retained Earnings Dividends Service Revenue Advertising Expense Depreciation Expense Insurance Expense Rent Expense Salaries and Wages Expense Supplies Expense Totals Net Income Financial Position Debit Credit 20,000 14,000 8,000...
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $43,578...
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $43,578 in the accounts of a sole proprietorship. Or this amount, $1,536 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $80s. The amount debited to Accounts Receivable for the new partnership is Oa $42,042 Ob $41,237 Oc. $42.773 Od: $43,578 Jefferson has a capital balance of $65,000 and devotes full time to a...
P 2-8 The following are selected accounts of Laura Gibson Company on December 31: Permanent (P)...
P 2-8 The following are selected accounts of Laura Gibson Company on December 31: Permanent (P) or Normal Balance (Dr.) Temporary (T) or (Cr.) Cash Accounts Receivable Equipment Accounts Payable Common Stock Sales Purchases Rent Expense Utility Expense Selling Expense Required In the space provided: 1. Indicate if the account is a permanent (P) or temporary (T) account. 2. Indicate the normal balance in terms of debit (Dr.) or credit (Cr.).
Account Dividends... Utilities expense Accounts receivable Delivery expense Retained earnings Salary expense. Balance Account $ 3,100...
Account Dividends... Utilities expense Accounts receivable Delivery expense Retained earnings Salary expense. Balance Account $ 3,100 Common stock. 1,500 Accounts payable 6,000 Service revenue. 500 Equipment ... 5,800 Note payable. I 8,800 Cash ........... Balance 17,100 4,300 20,900 29,200 20,000 19,000 April 30, 2018 Balance Debit Credit Account LLLLLLLLL 11 Total
The following list includes selected permanent accounts and all of the temporary accounts from the December...
The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system. Debit Credit Merchandise inventory Prepaid selling expenses Dividends Sales $ 31,000 5,800 35,000 $537,000 Sales returns and allowances 17,900 5,200 216,000 50,000 16,000 37,000 107,000 Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses Additional Information Accrued and...
Identify all the accounts below that are ALL classified as temporary account TICIP Jove LAILU UT...
Identify all the accounts below that are ALL classified as
temporary account
TICIP Jove LAILU UT MC Qu. 6-56 Identify the accounts below that... Identify the accounts below that are ALL classified as temporary accounts. Multiple Choice C) Wages Expense, Accumulated Depreciation, Fees Income O Accounts Receivable, Depreciation Expense, Fees Income O Owner's Drawing, Depreciation Expense, Income Summary O Owner's Drawing, Owner's Capital, Income Summary
Respectively, Equipment, Cash, and Accounts Payable are: O A. all temporary accounts. OB. temporary, temporary, and permanent accounts. O C. all permanent accounts. OD. temporary, permanent, and temporary accounts.
Question 3 (1 point) The Purchases account is OA) a permanent account. OB) a temporary account OC) an asset account. O D) a liability account.
Which of the following is an asset? OA. Common Stock OB Service Revenue OC. Salary Expense OD. None of the listed accounts is an asset
Which types of accounts will appear in the post-closing trial balance? Permanent accounts. O Temporary accounts. O Accounts shown in the income statement columns of a work sheet. O None of these.
Question 1: Briefly
discuss the difference between “Temporary Accounts” and “Permanent
Accounts”.
The financial statement columns of the worksheet December 31, 2017, are as follows: Income Statement Debit Credit Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Note Payable (Long term) Salaries and Wages Payable Share Capital-Ordinary Retained Earnings Dividends Service Revenue Advertising Expense Depreciation Expense Insurance Expense Rent Expense Salaries and Wages Expense Supplies Expense Totals Net Income Financial Position Debit Credit 20,000 14,000 8,000...
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $43,578 in the accounts of a sole proprietorship. Or this amount, $1,536 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $80s. The amount debited to Accounts Receivable for the new partnership is Oa $42,042 Ob $41,237 Oc. $42.773 Od: $43,578 Jefferson has a capital balance of $65,000 and devotes full time to a...
P 2-8 The following are selected accounts of Laura Gibson Company on December 31: Permanent (P) or Normal Balance (Dr.) Temporary (T) or (Cr.) Cash Accounts Receivable Equipment Accounts Payable Common Stock Sales Purchases Rent Expense Utility Expense Selling Expense Required In the space provided: 1. Indicate if the account is a permanent (P) or temporary (T) account. 2. Indicate the normal balance in terms of debit (Dr.) or credit (Cr.).
Account Dividends... Utilities expense Accounts receivable Delivery expense Retained earnings Salary expense. Balance Account $ 3,100 Common stock. 1,500 Accounts payable 6,000 Service revenue. 500 Equipment ... 5,800 Note payable. I 8,800 Cash ........... Balance 17,100 4,300 20,900 29,200 20,000 19,000 April 30, 2018 Balance Debit Credit Account LLLLLLLLL 11 Total
The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system. Debit Credit Merchandise inventory Prepaid selling expenses Dividends Sales $ 31,000 5,800 35,000 $537,000 Sales returns and allowances 17,900 5,200 216,000 50,000 16,000 37,000 107,000 Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses Additional Information Accrued and...
Identify all the accounts below that are ALL classified as
temporary account
TICIP Jove LAILU UT MC Qu. 6-56 Identify the accounts below that... Identify the accounts below that are ALL classified as temporary accounts. Multiple Choice C) Wages Expense, Accumulated Depreciation, Fees Income O Accounts Receivable, Depreciation Expense, Fees Income O Owner's Drawing, Depreciation Expense, Income Summary O Owner's Drawing, Owner's Capital, Income Summary
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