Which of the following accounts is a temporary account: a. Salaries expense. b. Accounts receivable. c. J. Jones, capital. d. Accounts payable.

Q: Which of the following statements is true regarding accrual accounting? Multiple Choice Revenue is…

A: Accrual accounting: Accrual accounting is a accounting method which says the entity should record…

Q: What differences are there between the trial balance before closing and the trial balance after…

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

Q: Which of the following accounts is not considered a temporary or nominal account? O service revenue…

A: Nominal Accounts: Nominal Accounts are those accounts which closed at the end of year. for example…

Q: List the name of at least four accounts that represent accruals or deferrals—these could be accrued…

A: The accounts that represent accruals or deferrals are used to prepare books as per accrual method of…

Q: Which of the following is a nominal account? a. Retained earnings b. Accounts receivable c.…

A: Nominal account includes all of a company's income statement items and the balance of owner's…

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: The accrued balance in a revenue account represents an amount which is: A. earned and collected B.…

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: Which of the following accounts would appear only in an accrual basis accounting system, and which…

A: Cash basis of accounting system :  In cash basis of accounting system , the accounts are recorded…

Q: Using accrual accounting, expenses are recorded and reported only a.when they are incurred, whether…

A: Under Accrual system of accounting, expenses are recorded in the books of account as they are…

Q: Which of the following is an asset account? O A. Unearned Revenue B. Notes Payable O C. Accounts…

A: Asset accounts means account related to resources of the business that it owns. It can be current…

Q: Which of the following accounts was created as the result of an accrual for expenses?  Group of…

A: Lets start with the basic understanding. Accrual for expense is a liability which is incur because…

Q: Balance Sheet accounts are considered to be   Question 2 options:   A)  nominal…

A: The balance sheet refers to a financial statement which shows the financial position of a business…

Q: Indicate whether each of the following items is a real ornominal account and whether it appears in…

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

Q: Which of the following statements regarding the flow of information from the adjusted trial balance…

A: Income statement: All transactions relating revenues , expenses incurred for the business in…

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: What is the adjusting entry for accrued revenues? O A. Debit: Assets; Credit: Revenues. O B. Debit:…

A: Adjusting entries are to be reported at the end of the period in order to adjust the events happened…

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: a. Compute the correct amount of accounts receivable. b. Prepare one compound entry to adjust the…

A: Solution: Introduction: Accounts Receivable means the amount of money payable(owe) to the company…

Q: Which of the following accounts is not a permanent account?   Select one: a. Utilities Expense b.…

A: A permanent account is the account which is not closed at year end and same is carried to balance…

Q: All of the following accounts are presented under liabilities, except: a.) Advances to Supplier b.)…

A: The liabilities are the amount due to be paid to the outsiders. The liabilities are recorded in the…

Q: Expenses unpaid at the end of a given accounting period is known as ___. a. Unearned revenues b.…

A: Accounting period is the time period or duration for which the books of accounts are collectively…

Q: All of the following accounts are temporary accounts except fora. sales revenue.b. salaries…

A: Temporary accounts in bookkeeping allude to accounts you close toward the finish of every period.…

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: Using accrual accounting, expenses are recorded and reported only a.when they are incurred, whether…

A: Under accounting, there are two types of systems that can be used. Cash basis of accounting says…

Q: Which of the following accounts normally has a debit balance? a. Prepaid insurance b. Unearned…

A: There are five important components in the financial statements. They are Assets, Liabilities,…

Q: The entry to write off an account receivable under the allowance method willT ( A. increase total…

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

Q: Using accrual accounting, expenses are recorded and reported only a.if they are paid before they are…

A: The correct option is Option “d”. Using accrual accounting, expenses are recorded and reported only…

Q: Which account is least likely to appear in an adjustingjournal entry?a. Cashb. Interest Receivablec.…

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

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: Which of the following groups of accounts increase with credits? O a. Accounts Receivable, Prepaid…

A: In an accounting system, journals are made up of one or more debits and credits. To add or decrease…

Q: What is the impact on the accounting equation when a payment of account payable is made?A. both…

A: Accounting equation of the business has three elements, these are Assets, Liabilities and Equity.…

Q: a. What is the difference between permanent and temporary accounts? b. Calculate ROA from the…

A: Permanent Accounts : Cash Account, Equipment account,  share capital and  Retained earnings account…

Q: The closing entry for an expense account would include a debit to: O The expense account and a…

A: Closing entries are used to close the temporary accounts and transfer the balance to a permanent…

Q: Which of the following accounts would need to be closed at the end of the period?a. Cashb. Supplies…

A: A closing entry is a journal entry made at the end of the accounting period. It involves shifting…

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 set of accounts has the same type of normal balance?A. Cash, accounts payableB. Prepaid rent,…

A: There are two sides of account used in accounting. One is debit side and other is credit side.

Q: Identify whether each of the following accounts is nominal/temporary or real/permanent. Accounts…

A: A permanent account in the general journal does not close at the conclusion of a period is known as…

Q: Which of these transactions requires an adjusting entry (Debit) to Accounts receivable? a. Expenses…

A: Accounts Receivables are debited when the sale is made but ash payment is deferred.

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: What is the impact on the accounting equation when a payment of account payable is made? * both…

A: The accounting equation shows that the asset is equal to the sum of liabilities and stockholders'…

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: Using accrual accounting, expenses are recorded and reported only a.if they are paid before they…

A: As per the cash basis of accounting, we should record the transaction only when corresponding cash…

Q: Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR),…

A: Adjusting entry: It can be defined as the journal entry that is recorded at the closing of the…

Q: Which of the following accounts have a debit normal balance? Select one: a. Dividends Payable b.…

A: Ans.  b  Salaries expense

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.