general ledger accounts are temporary or permanen

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: Indicate whether each of the following accounts represents an asset, liability, or owner's equity:…

A: An asset refers to all the items of cash and cash equivalents for the business. It includes balance…

Q: dentify whether each account type is permanent or temporary: Assets I Select] Liabilities ISelect]…

A: Solution: Permanent accounts are those which are present on balance sheet and temporary accounts are…

Q: Identifying accounts, increases in accounts, and normal balances? Interest Revenue Accounts Payable…

A: 1.Identify each account as an asset , liability or equity.

Q: For each of the following accounts, state in column A the classification of the account (Whether the…

A: The balance sheet includes the assets, liabilities, and stockholders' equity. Whereas, the income…

Q: Identify the normal balance (Dr for Debit; Cr for Credit) and type of account (A for asset, L for…

A: Asset is a resource of a company from which economic inflows are expected to arise to the company.…

Q: Match the account type (Asset, Liability, Equity, Revenues Expenses) with the account name.…

A: Asset - generally asset is a resource that fetches cash inflow into the organization. it is not…

Q: Indicate the financial statement on which each of the following items appears: income statement,…

A: Introduction:- Financial statements are official records of a company's, person's, or other entity's…

Q: Which of the following accounts is an asset? Select one: a Service revenue b. Prepaid expenses C.…

A: Generally asset represents the valuable thing owned by an entity. In accounting, an asset is the…

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 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: Consider the following accounts: A (Click the icon to view the accounts.) Identify the financial…

A: Financial statements are written papers that detail the operations and financial performance of a…

Q: Adjusting entries are: O a. Journal entries that are prepared to record the income statement…

A: The adjustment entries are prepared to adjust the expenses and revenues of the current year.

Q: Extending Adjusted Balances to the Income Statement and Balance Sheet Columns Select whether each…

A:

Q: Match the transaction to the correct financial statement effect. + indicates increase, (indicates…

A: Accouting Formula: Assets = Liabilities + Capital

Q: Which of the following pairs of accounts are impacted the same with debits and credits?A. Cash and…

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

Q: Consider the following accounts and identify each account as an asset (A), liability (L), or equity…

A: The assets accounts are those accounts which is going to provide benefit to the firm in future or…

Q: Classify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE).…

A: Asset: In Financial terms, assets are anything that is held by a business that results in some…

Q: Which of the following contains only accounts found on the balance sheet? Cash, notes payable, gross…

A: The question is multiple choice question.The question is related to only accouts found on the…

Q: Which of the following accounts are debited to record increases?   A. assets and liabilities…

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: Identify the classification of account. And Choose the letter of the correct answer. Questions: 1.…

A: General explanation -  Assets we can touch feel and they will give cash inflows into the…

Q: Asset (A), Liability (L), or Equity (E)? a. Interest Revenue b. Accounts Payable C. Calhoun, Capital…

A: Assets means the resources which is owned by business. Liability means the amount which is to be…

Q: A chart of accounts is a list of all ledger accounts and an identification number for each. Identify…

A: >Ledger accounts are the accounts of various accounting elements. >These accounts are of…

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: 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: The following table summarizes the rules of debit and credit. For each of the items (a) through (1).…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the…

Q: Consider the following accounts, and determine if the account is an asset (A), a liability (L), or…

A: Lets understand the basics. Asset accounts are accounts on which company has a rights. It include…

Q: Consider the following accounts and identify each account as an asset (A), liability (L), or equity…

A: Equity = Total assets - Total liability

Q: Identify the financial statement on which each of the following accounts would appear:   the income…

A: The income statement includes the revenues and expenses of the company. Whereas, balance sheet…

Q: The individual accounts find a place in a summarised manner which is called a. Financial statements…

A: Answers

Q: Identifying accounts Consider the following accounts: Accounts Payable Cash Common Stock Accounts…

A: Classification of items:

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

A: Permanent Accounts: Permanent accounts are accounts which are shown on balance sheet. Permanent…

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

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Indicate in the space provided by each item whether it would appear on the income statement (IS),…

A: Introduction: Income statement: All revenues and expenses items are shown in income statement. It…

Q: Which of the following would you expect to find in acorrectly prepared income statement?a. Cash…

A: Income statement: It shows all the income earned by the business and the expenses incurred during an…

Q: State whether the following are non-current assets, current assets, owner's equity. non-current…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: A debit is used to increase which of the following accounts? a. Utilities Expense.b. Accounts…

A: Definition: Normal balance: Normal balance refers to the excess of the amount on one side, over the…

Q: Identify the financial statement on which each of the following accounts would appear: the income…

A: The financial statements of the business are classified as balance sheet, retained earnings, income…

Q: Which of the following pairs increase with credit entries?A. supplies and retained earningsB. rent…

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

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: Classify each of the following a Liability, or Equity account. a. Store Supplies b. Prepaid Rent c.…

A: Classification of the accounts are as follows :

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