I asked this question previously but they did not answer it in full! Please tell me if the following accounts are REAL or NOMINAL1) Accounts Payable2) Service Fees Revenue3) Tax Expense4) Cash5) Accounts Receivable6) Smith, Drawings7) Interest Receivable8) Retained Earnings9) Depreciation Expense10) Interest Income11) Invemtory12) Bonds Payable13) Common Stock14) Prepaid Insurance15) Sales16) Cost of Goods Sold17) Supplies Expense18) Supplies on Hand19) Wages Payable20) Mortgage Payable

Question
Asked Jan 22, 2019
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I asked this question previously but they did not answer it in full! Please tell me if the following accounts are REAL or NOMINAL

1) Accounts Payable
2) Service Fees Revenue
3) Tax Expense
4) Cash
5) Accounts Receivable
6) Smith, Drawings
7) Interest Receivable
8) Retained Earnings
9) Depreciation Expense
10) Interest Income
11) Invemtory
12) Bonds Payable
13) Common Stock
14) Prepaid Insurance
15) Sales
16) Cost of Goods Sold
17) Supplies Expense
18) Supplies on Hand
19) Wages Payable
20) Mortgage Payable

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Expert Answer

Step 1

All Accounts related to assets and liabilities are covered under Real accounts. As per list, Following assets covered under Real accounts:

Accounts Payable

Cash

Accounts receivable

Smith drawings

Interest receivable

Retained earnings

Inventory

Bonds Payable

Common stock

Prepaid insurance

Supplies on hand

Wages payable

Mortgage payable

Step 2

All accounts related to revenues and expenses of the business are Nominal accounts. The list of nominal accounts are as under:

Service fees revenue

Ta...

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