Question

1. Identify the account: T-temporary, P-permanent (20 points)

T-temporary P-permanent	Account Name
	Building
	Common Stocks
	Dividends
	Land
	Mortgage Payable
	Retained Earnings
	Salaries and Wages Expense
	Service Revenues
	Unearned Revenues
	Utilities Expense

Answer 1

Solution

T-temporary P-permanent	Account Name
P-Permanent	Building
P-Permanent	Common Stocks
T-Temporary	Dividends
P-Permanent	Land
P-Permanent	Mortgage Payable
P-Permanent	Retained Earnings
T-Temporary	Salaries and Wages Expense
T-Temporary	Service Revenues
P-Permanent	Unearned Revenues
T-Temporary	Utilities Expense

All assets, liability and equity accounts are permanent accounts. All revenue, expense and dividends accounts are temporary accounts. Temporary accounts accounts are accounts that are closed at the end of the accounting period.