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For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and whether it is reported on the Balance Sheet, Statement of Retained Earnings, or the Income Statement. Income Statement, Statement of Real/permanent or Accounts Retained Earnings, or Balance nominal/temporary Sheet 1. Accounts Payable [ Select ] [ Select ] 2. Insurance Expense [ Select ] [ Select ] 3. Accounts Receivable [ Select ] [ Select ] 4. Land [ Select ] [ Select ] 5. Cash [ Select ] [ Select ] 6. Dividends [ Select ] [ Select ] 7. Fees Earned Revenue [ Select ] [ Select ] 8. Interest Expense [ Select ] [ Select ] 9. Unearned Rent Revenue [ Select ] [ Select ] 10. Prepaid Rent [ Select ] [ Select ] | > > > > | >

For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and whether it is reported on the Balance Sheet, Statement of Retained Earnings, or the Income Statement. Income Statement, Statement of Real/permanent or Accounts Retained Earnings, or Balance nominal/temporary Sheet 1. Accounts Payable [ Select ] [ Select ] 2. Insurance Expense [ Select ] [ Select ] 3. Accounts Receivable [ Select ] [ Select ] 4. Land [ Select ] [ Select ] 5. Cash [ Select ] [ Select ] 6. Dividends [ Select ] [ Select ] 7. Fees Earned Revenue [ Select ] [ Select ] 8. Interest Expense [ Select ] [ Select ] 9. Unearned Rent Revenue [ Select ] [ Select ] 10. Prepaid Rent [ Select ] [ Select ] | > > > > | >

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter5: Completing The Accounting Cycle
Section: Chapter Questions
Problem 2EA: For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and...
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For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and whether it is reported on the Balance Sheet, Statement of Retained Earnings, or the Income Statement. Income Statement, Statement of Real/permanent or Accounts Retained Earnings, or Balance nominal/temporary Sheet 1. Accounts Payable [ Select ] [ Select ] 2. Insurance Expense [ Select ] [ Select ] 3. Accounts Receivable [ Select ] [ Select ] 4. Land [ Select ] [ Select ] 5. Cash [ Select ] [ Select ] 6. Dividends [ Select ] [ Select ] 7. Fees Earned Revenue [ Select ] [ Select ] 8. Interest Expense [ Select ] [ Select ] 9. Unearned Rent Revenue [ Select ] [ Select ] 10. Prepaid Rent [ Select ] [ Select ] > > > > > > > > > > > > > > > >
Transcribed Image Text:For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and whether it is reported on the Balance Sheet, Statement of Retained Earnings, or the Income Statement. Income Statement, Statement of Real/permanent or Accounts Retained Earnings, or Balance nominal/temporary Sheet 1. Accounts Payable [ Select ] [ Select ] 2. Insurance Expense [ Select ] [ Select ] 3. Accounts Receivable [ Select ] [ Select ] 4. Land [ Select ] [ Select ] 5. Cash [ Select ] [ Select ] 6. Dividends [ Select ] [ Select ] 7. Fees Earned Revenue [ Select ] [ Select ] 8. Interest Expense [ Select ] [ Select ] 9. Unearned Rent Revenue [ Select ] [ Select ] 10. Prepaid Rent [ Select ] [ Select ] > > > > > > > > > > > > > > > >
Expert Solution
Step 1 Introduction

Real or permanent account has permanent balance and has to be shown in balance sheet. 

Nominal or temporary account has temporary balance which is to be closed at the end of year to other accounts. 

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