For each account listed below, indicate whether it is a nominal account or a permanent account....

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For each account listed below, indicate whether it is a nominal account or a permanent account. Select your answer by clickin

business accounting

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Answer 1

Answer #1

Nominal accounts are income statement accounts whereas balance sheet accounts are permanent accounts

Retained earning is a permanent account

Accumulated depreciation is a permanent account

Income tax expense is a nominal account

Unearned reveneue is a permanent account

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Answer 2

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For each account listed below, indicate whether it is a nominal account or a permanent account....

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