Accounts that continuing existing even after the end of the accounting year are known as: 1. Nominal accounts 2. Real accounts 3. Permanent accounts 4. Revenue accounts

Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance. A. Accounts Receivable B. Accumulated Depreciation C. Cash D. Office Expense E. Note Payable F. Rent Revenue G. Retained Earnings H. Unearned Rent Revenue

What two accounts are affected by each of these adjustments? A. recorded accrued interest on note payable B. adjusted unearned rent to correct C. recorded depreciation for the year D. adjusted salaries payable to correct E. sold merchandise to customers on account

Unearned revenue is adjusted into an expense account at the end of the accounting period.

For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and whether it is reported on the Balance Sheet or the Income Statement. A. Salaries Payable B. Sales Revenue C. Salaries Expense D. Prepaid Insurance

Considering the following events, determine which month the revenue or expenses would be recorded using the accounting method specified. a. Gerber Company uses the cash basis of accounting. Gerber prepays cash in May for insurance that only covers the following month, (June). b. Matthews and Dudley Attorneys uses the accrual basis of accounting. Matthews and Dudley Attorneys receives cash from customers in June for services to be performed in July. c. Eckstein Company uses the accrual basis of accounting. Eckstein prepays cash in October for rent that covers the following month, (October). d. Gerbino Company uses the cash basis of accounting. Gerbino makes a sale to a customer in February but does not expect payment until March.

Accounts Used to Record Transactions A list of accounts, with an identifying number for each, is provided. Following the list of accounts is a series of transactions entered into by a company during its first year of operations. Required For each transaction, indicate the account or accounts that should be debited and credited. Cash Accounts Receivable Prepaid Insurance Office Supplies Automobiles Land Accounts Payable Income Taxes Payable Notes Payable Capital Stock Retained Earnings Service Revenue Wage and Salary Expense Utilities Expense Income Tax Expense

When the cash short and over account has a debit balance at the end of the month, it is considered (a) an expense. (b) an asset. (c) revenue. (d) a liability.

State whether the balance in each of the following accounts increases with a debit or a credit. A. Office Supplies B. Retained Earnings C. Salaries Expense D. Accounts Receivable E. Service Revenue

Which of these accounts would be present in the closing entries? A. Dividends B. Accounts Receivable C. Unearned Service Revenue D. Sales Tax Payable