Parrish Homework 1 (What type of account) This is the THIRD time I have had to ask this question, because the individual responding either didn't read my question thoroughly and some other reason. I need to know what type of account the following are and if they are Real or Nominal. And yes I know Real/Permanent and Nominal/Temporary are the same! 1) Interest Income (Income is considered Revenue is that correct)2) Smith, Drawings3) RE 1/1 Balance

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.