Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 5, Problem 8MC
Which of these accounts is never closed?
A. Prepaid Rent
B. Income Summary
C. Rent Revenue
D. Rent Expense
Expert Solution & Answer
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Which of these accounts is never closed?
Group of answer choices
Prepaid Rent
Income Summary
Rent Revenue
Rent Expense
What is rent receivables listed as
Several accounts are listed below
a. Purchases Returns and Allowances
b. Sales Discounts
c. Wages Expense
d. Allowance for Doubtful Accounts
e. Unearned Rent
f. Income Taxes Payable
g. Dividends Distributed
h. Interest Revenue
i. Inventory
REQUIRED:
List the accounts above that would normally have a credit balance
Chapter 5 Solutions
Principles of Accounting Volume 1
Ch. 5 - Which of the following accounts is considered a...Ch. 5 - Which of the following accounts is considered a...Ch. 5 - If a journal entry includes a debit or credit to...Ch. 5 - If a journal entry includes a debit or credit to...Ch. 5 - Which of these accounts would be present in the...Ch. 5 - Which of these accounts would not be present in...Ch. 5 - Which of these accounts is never closed? A....Ch. 5 - Which of these accounts is never closed? A....Ch. 5 - Which account would be credited when closing the...Ch. 5 - Which account would be credited when closing the...
Ch. 5 - Which of these accounts is included in the...Ch. 5 - Which of these accounts is not included in the...Ch. 5 - On which of the following would the year-end...Ch. 5 - Which of these accounts is included in the...Ch. 5 - If current assets are $112,000 and current...Ch. 5 - If current assets are $100,000 and current...Ch. 5 - Explain what is meant by the term real accounts...Ch. 5 - Explain what is meant by the term nominal accounts...Ch. 5 - What is the purpose of the closing entries?Ch. 5 - What would happen if the company failed to make...Ch. 5 - Which of these account types (Assets, Liabilities,...Ch. 5 - Which of these account types (Assets, Liabilities,...Ch. 5 - The account called Income Summary is often used in...Ch. 5 - What are the four entries required for closing,...Ch. 5 - After the first two closing entries are made,...Ch. 5 - After the first two closing entries are made,...Ch. 5 - What account types are included in a post-closing...Ch. 5 - Which of the basic financial statements can be...Ch. 5 - Describe the calculation required to compute...Ch. 5 - Describe the calculation required to compute the...Ch. 5 - Describe the progression of the three trial...Ch. 5 - Identify whether each of the following accounts is...Ch. 5 - For each of the following accounts, identify...Ch. 5 - For each of the following accounts, identify...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - Use the following excerpts from the year-end...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - Identify which of the following accounts would not...Ch. 5 - For each of the following accounts, identify in...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate:...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - For each of the following accounts, identify...Ch. 5 - For each of the following accounts, identify...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - Use the following excerpts from the year-end...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Identify which of the following accounts would be...Ch. 5 - Identify which of the following accounts would not...Ch. 5 - For each of the following accounts, identify in...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - From the following Company B adjusted trial...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - The following selected accounts and normal...Ch. 5 - The following selected accounts and normal...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Assume that the first two closing entries have...Ch. 5 - Correct any obvious errors in the following...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - The following Post-Closing Trial Balance contains...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - From the following Company R adjusted trial...Ch. 5 - From the following Company T adjusted trial...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - The following selected accounts and normal...Ch. 5 - The following selected accounts and normal...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Assume that the first two closing entries have...Ch. 5 - Correct any obvious errors in the following...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - The following Post-Closing Trial Balance contains...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - From the following Company S adjusted trial...Ch. 5 - Assume you are the controller of a large...Ch. 5 - Assume you are a senior accountant and have been...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- What type of entry will decrease the normal balances of the general ledger accounts Interest Receivable and Fees * ?Receivable Adjusting Credit Debit (arrow_forwardwhich is NOT a temporary account: Interest expense Inventory Interest income Sale returns & allowances Rent incomearrow_forwardWhich of the following accounts is not normally part of the revenue and collection cycle?a. Sales.b. Accounts Receivable.c. Cash.d. Purchases Returns and Allowancesarrow_forward
- Which of the following accounts does not belong in the purchases and disbursement cycle? Group of answer choices a.Prepayments b.Accounts payable c.Sales returns and allowances d.Fixed assetsarrow_forwardWhich of the following accounts does not belong in the purchases and disbursement cycle? A. Prepayments B. Accounts Payable C. Sales returns and allowances D. Fixed Assetsarrow_forwardWhat is an account receivable? O a. Sales O b. Asset Oc. Income O d. Creditorsarrow_forward
- When an account is written off using the allowance method, account receivable is ?arrow_forwardWhich of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales Revenuearrow_forwardThe entry to write off an account receivable under the allowance method willT ( A. increase total assets O B. increase net income C. reduce net income D. have no effect on net income)arrow_forward
- What is the difference, definition, examples between account receivables and fees earned?arrow_forwardWhich of the following accounts is not a permanent account? Select one: a. Utilities Expense b. Cash in Bank c. Accounts Payable d. Retained Earningsarrow_forwardIdentify whether a debit or credit results in the indicated change for each of the following accounts. To decrease Prepaid Rentarrow_forward
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ACCOUNTING BASICS: Debits and Credits Explained; Author: Accounting Stuff;https://www.youtube.com/watch?v=VhwZ9t2b3Zk;License: Standard Youtube License