Question 1: Briefly
discuss the difference between “Temporary Accounts” and “Permanent
Accounts”.
Homework Answers
ANSWER
| TEMPORARY ACCOUNT | PERMANENT ACCOUNT |
| 1. Temporary Account are those account which is closed at the end of the accounting period. | 1.Permanent Account are those account which is not closed at the end of the accounting period. |
|
2.EXAMPLES
|
2.EXAMPLES
|
| 3.These Accounts Start with the zero balance in the next accounting period. | 3.These Accounts have a ending balance which carries in the next accounting period. |
| 4. These Account help you to track funds from period to period. | 4.These Account helps you to Track balances from Year to Year. |
| 5.Accountant have to prepare closing entries for the each accounting period. | 5.Accountant does not have to prepare closing entries because these account is continuning account. |
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Question 1: Briefly
discuss the difference between “Temporary Accounts” and “Permanent
Accounts”.
The financial statement columns...
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Question one: 100 marks (25 each): The financial statement columns of the worksheet for The Kunafah...
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Question one: 100 marks (25 each): The financial statement columns of the worksheet for The Kunafah...
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how can i fill up this schedule please provide calculations with the discussion Question one: 100...
how can i fill up this schedule
please provide calculations with the
discussion
Question one: 100 marks (25 each): The financial statement columns of the worksheet for The Kunafah Spoonat December 31, 2017, are as follows: Income Statement Financial Position Accounts Debit Credit Debit Credit Cash 20,000 Accounts Receivable 14,000 Supplies 8,000 Prepaid Insurance 12,000 Equipment 438,000 Accumulated Depreciation Equipment 58,000 Accounts Payable 38,000 Note Payable (Long term) 120,000 Salaries and Wages Payable 26.000 Share Capital-Ordinary 100,000 Retained Eamings 124.000...
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EXERCISE 5-1 (temporary) and indic ISE 5-1 Classify the following accounts as real (permanent) or nominal...
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how can i fill up this schedule
please provide calculations with the
discussion
Question one: 100 marks (25 each): The financial statement columns of the worksheet for The Kunafah Spoonat December 31, 2017, are as follows: Income Statement Financial Position Accounts Debit Credit Debit Credit Cash 20,000 Accounts Receivable 14,000 Supplies 8,000 Prepaid Insurance 12,000 Equipment 438,000 Accumulated Depreciation Equipment 58,000 Accounts Payable 38,000 Note Payable (Long term) 120,000 Salaries and Wages Payable 26.000 Share Capital-Ordinary 100,000 Retained Eamings 124.000...
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Credit (CR) Debit (DR) 11,000 Cash 5,000 23,500 4,000 12,000 4,000 2,500 3,800 60,000 32,000 29,500 21,000 Accounts Payable Accounts Receviable Rent Expense Unearned Revenue Depreciation Expense Prepaid Insurance Supplies Expense Equipment Accumulated Depreciation - Equipment Cost of Goods Sold Merchandise Inventory Notes Payable Salary Payable Buildings Interest Payable Sales Revenue Interest Expense Supplies Accumulated Depreciation - Buildings Prepaid Insurance Common Stock Retained Earnings Dividends...
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Please answer question C.
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