Which of the following are all temporary accounts? a.Liabilities and assets b.Liabilities, revenue, and expenses c.Assets, liabilities, and owner's Drawing d.Revenue, expenses, and the Owner's Drawing e.Revenue, liabilities, and the owner's Drawing

Q: Adjusting entries affect at least one a.revenue and the dividends account b.income statement…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: Which of the following accounts is an asset? Select one: O a. Accounts payable O b. Salary expense…

A: STEP 1 An asset is something or attribute that creates future economic cash flows or benefit arising…

Q: Among these, which item is used as the base for preparing unadjusted trial balance? a. General…

A: The correct option is  a. General Ledger

Q: Which element of the financial statements is the drawings account? A.Asset B.Expense C.Liability…

A: Drawings represents the withdrawals of owner from the business. It is not an expense for the…

Q: Which of the following is a temporary account? Multiple Choice Accounts Receivable Accumulated…

A: Balance sheet shows: Assets accounts Liabilities accounts Equity accounts Income statement shows:…

Q: Which of the following accounts is a permanent account? Multiple Choice Fees earned. Office supplies…

A: Permanent account refers to those accounts which are not closed at the end of an accounting year and…

Q: What is the Rent Expense in the adjusted trial balance columns of worksheet? A. Income statement…

A: The financial statements of the business include the cash flow statement, income statement and…

Q: What is the impact of prepaid expenses before year end adjusting entries. The answer is A .…

A: Prepaid expense is the one which is paid by the company in advance.

Q: (a) Explain the purpose of the two accounts:Depreciation Expense and Accumulated Depreciation.(b)…

A: (a) Explain the purpose of Depreciation Expense account, and Accumulated Depreciation account.…

Q: Can you identify if it is current or non-current asset, liabilities, or owner's equity? ▸ rent…

A: The balance sheet represents the financial position of the business with its assets, liabilities and…

Q: Identifying temporary and permanent accounts For each account listed, identify whether the account…

A: Temporary account: Temporary accounts are those final balances of accounts which are transfer to the…

Q: The adjusting entry for accrued revenues includes O a. debit to an asset account. O b. credit to an…

A: Introduction: A general ledger entry made at the end of an accounting period to record any…

Q: Identify the normal balances Debit or Credit for the following: (example: building is an asset, so…

A: Assets and expenses accounts have a debit balance, while liabilities, capital and revenue account…

Q: Instruction: Indicate on the space provided,(1)(X)on the element where the account belong (2) BS if…

A: The income statement and balance sheet are the financial statements of the business.

Q: Label each of the following accounts as asset (A), liability (L), owner’sequity (OE), revenue (R),…

A: Assets are the resources that are employed by the business for the end goal of maximizing the…

Q: Which of the following accounts is a non-current asset account?

A: Non-current assets:   Non-current assets are assets that can be held for a longer period of time…

Q: State the normal balances for the following accounts: a. Assets b. Liabilities c. Capital d. Drawing…

A: Revenue: Revenue is money your business receives from its normal business activities. Expenses:…

Q: 1. Describe the nature of the assets that compose the following sections of a balance sheet: (a)…

A: Current assets are composed of cash and other assets that may be reasonably be expected to be…

Q: The adjusting entry for accrued expenses includes O a. a debit to an expense account.

A: First of all we have to understand the concept of accrued expenses, Accrued expenses are the…

Q: The account type and normal balance of Prepaid Expense are a.revenue, credit b.liability, credit…

A: Prepaid expenses normally have a debit balance and considered assets.

Q: Consider the following accounts and identify each account as an Asset(A), Liability(L), or…

A: Assets accounts are those accounts that are related to resources of the organisation. Liability…

Q: Which of the following accounts is a temporary account? O Prepaid Rent Expense O Accumulated…

A: Closing entries are used to close the temporary accounts. These are expense revenue accounts.

Q: 1. The adjusting entry to recognize an expense that has been incurred but not yet paid involves a…

A: Since you have asked multiple questions, we will solve the first question for you . If you want any…

Q: Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity,…

A: Rent Expense expense

Q: Classify each of the following accounts as an Asset, Liability, or Equity account. a. Factory b.…

A: All expenses which are paid in advance are current assets. All revenues received in advance are…

Q: If during an accounting period an expense item has been incurred and consumed but not yet pair or…

A: Adjusting entries are made at the end of the period in order to correct the transactions which has…

Q: When recording an adjusting entry for unearned revenues O a. a liability account is credited. O b.…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Which of these accounts is not included in the post-closing trial balance? A)Land B)Notes Payable…

A: In post closing trail balance, all temporary accounts are closed and transferred to Income Summary…

Q: What is the impact of accrued expenses before year end adjusting entries ? The answer is .A.…

A: Accrued expenses are those expenses which are recoginzed on the financial statements of the company…

Q: Multiple choice: Accounts are grouped in a book called the: A. trial balance B. chart of accounts C.…

A: Journal entries are used to record the transactions, while ledgers are classified into different…

Q: What two accounts are affected by each of these adjustments?

A: Double entry system of accounting says that for every transaction, there must be atleast one debit…

Q: An end-of-period adjusting entry that debits Unearned Revenue most likely will credit…… Select one:…

A: The unearned revenue is the revenue that is not earned but the cash for the same is received in…

Q: Classify the following accounts as real (permanent) or nominal(temporary) and indicate with an X…

A: Accounts are classified as either real or nominal in nature. These accounts, based on the nature are…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…

A: Prepaid rent is the advance rent paid for the future period.

Q: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…

A: Account: It can be defined as a record that is maintained in the accounting system to track the…

Q: For each account, identify whether it is included in a post- closing trial balance. Included in…

A: Closing Entries - Closing entries are required to close the temporary accounts after making…

Q: . Which of the following are all temporary accounts?. liabilities, revenues, and expenses a. b.…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: The adjusting entry to record depreciation includes O a. a debit to an expense account. b. a debit…

A: Depreciation Expenses refers to gradually decrease in the value of assets over the year due to its…

Q: If the effect of the credit portion of an adjusting entry is to increase the balance of a liability…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: The Income Statement Debit column of the worksheet contains A. expense account balances B. asset…

A: Worksheet is a 10 column account or sheet which first shows unadjusted general ledger balances, then…

Q: Which of the following account groups does not include a nominal account? a.Prepaid Insurance,…

A: Nominal account: Nominal account refers to the accounts which are related to the losses, expenses,…

Q: Which of the following accounts could be part of a regular journal entry, an adjusting entry,  a…

A: >Generally:--Income Statement accounts [Revenues and Expenses] are known as Temporary accounts,…

Q: Balances for each of the following accounts appear in an adjusted trial balance.  Identify each as…

A: accounts receivable--Asset   wages payable--Liability   prepaid rent---Asset   unearned…

Q: SWs as permanent or temporary, and indicate whether or not each account is closed. Also, indicate…

A: Temporary accounts: Temporary accounts are the nominal accounts that are closed at the end of the…

Q: Which of the following accounts is a temporary account: a. Salaries expense. b. Accounts receivable.…

A: The temporary accounts are closed at the end of an accounting period.

Q: Which of the following is a nominal account? Select one: A. Prepaid maintenance expense B. Accrued…

A: Nominal accounts are temporary accounts that are closed at the  end of the year and their balance is…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is