Which of the following is a temporary account? Multiple Choice Accounts Receivable Accumulated Deprecietion-Equipment Depreciation Expense. Prepaid Insurance. Cesh

Q: What is prepaid expense in adjusting entries? Explain.

A: Adjusting entries are made at the end of the year once the unadjusted trial balance is prepared in…

Q: Which of the following accounts is considered a permanent or real account?A. Interest RevenueB.…

A: Financial Statements: Financial statements are an assortment of outline-level reports about an…

Q: Which of the following accounts will be closed with a credit? O a. Fees earned O b. Depreciation…

A: The question is related to Accouts which are closed by crediting them. All the nominal accounts  are…

Q: ictions in proper form. Receivable; Prepaid Rent; Repair Supplies; Repair Equipment; Accounts…

A: Journal entries : The recording of journal entries is the first phase in the accounting cycle…

Q: The journal entry to transfer the loss on revaluation, to Revaluation account:

A: All Partners’ Capital A/c (Individually) Dr.              To Revaluation A/c (To record Loss on…

Q: Which of the following is most likely to be reported as an accrued liability? Multiple Choice…

A: Accrued liability is a sort of obligation of an entity that the entity has not paid yet. In other…

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: Which of the following accounts will be credited to close it? a.Accumulated Depreciation b.Rent…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Which of the following options is not recorded in the Balance sheet? a. Goodwill b. Building c. Rent…

A: Note: All the assets, liabilities and equity accounts are recorded in the balance sheet. And all the…

Q: Indicate which of the following accounts of the ABC Co. should be closed (temporary or nominal…

A: Account is defined as the summary recording the assets, liabilities, expenses, and revenues under…

Q: Select the correct entry to adjust the unadjusted trial balance for depreciation expense. Select…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Which of the following accounts would normally be found on the credit side of the adjusted trial…

A: Trial Balance: Trial balance is a statement in which the closing balance of all ledger accounts are…

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: dentify if it belongs to assets, liabilities or owner's equity? ▸ worthless receivable ▸ accrued…

A: Assets are resources that provide future economic benefits. liabilities are dues amount to be paid…

Q: Which of the following accounts is a temporary account? Multiple Choice Accounts receivable.…

A: Temporary accounts are written off in the income statement and not visible in the balance sheet.…

Q: Which of the following is not an example of an adjusting journal entry? O a. Recording interest…

A: An adjusting entry occurs at the end of an accounting period to record any unrecognized income or…

Q: Purchase of equipment on account increases which of the following?

A: First option is wrong because the purchase of equipment on account not only increases asset, but…

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

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: What type of entry will decrease the normal balance of the general ledger accounts prepaid…

A: Prepaid expenses are those expenses for which the amount has been paid but expenses has not yet…

Q: Which of the following accounts would normally not be affected by an adjusting entry? Group of…

A: The purpose of recording an adjusting journal entry is to record the unrecognized revenues and…

Q: Which of the following is an example of a prepaid expense? Please explain with full explanation. a.…

A: A prepaid expense is an asset for which we have paid in advance and for which the benefit shall be…

Q: Choose the correct answer:   Which of the following is equal to the SFP? A. Unadjusted trial…

A: Abbreviations used in the Question : SFP means Statement of Financial Position of Balance Sheet SCI…

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

A: Assets are anything of significant worth that is possessed by people, organizations, and governments…

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

A: Meaning of Assets Assets are the items which a company holds in the view that it provides some…

Q: Which one of the following accounts is the most liquid? Select one: a. Building. b. Inventory. c.…

A: Liquid accounts signify the short term assets or current assets.

Q: Expired cost shown in: O a. Balance Sheet as a liability O b. Balance Sheet as an asset O c. Profit…

A: Net profit means the difference between the income and expenses. Financial statement means the…

Q: elect the correct account type(asset, liability, equity, revenue, expense) for the below accounts:…

A: Depreciation : Gradual decrease in the value of asset over its useful life period.

Q: Which of the following accounts is considered a temporary or nominal account?A. Fees Earned…

A: There are two type of accounts used in business. One is permanent accounts and other is temporary…

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: Define Accounts, Give examples of- Unearned Service Revenue, Depreciation, Utilities Expense,…

A: Definition of the following are given below : a. Unearned Service Revenue b. Depreciation c.…

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: Which of the following are all temporary accounts? a.Liabilities and assets b.Liabilities, revenue,…

A: Temporary accounts are those which are closed at the end of each accounting year. So at the end of…

Q: Which of the following is an example of a prepaid expense? a.Unearned Subscription Revenue…

A: Prepaid expense: Expenses of future period are paid in advance. These expenses are called prepaid…

Q: The payment of supplier’s account is debited to accounts receivable. What is the effect of the error…

A: The Account Receivables are assets for the firm and Account Payables are liability for the firm. The…

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…