Which of the following accounts is considered a temporary or nominal account? Group of answer choices...
Which of the following accounts is considered a temporary or nominal account?
Group of answer choices
a-Prepaid Insurance
b-Unearned Service Revenue
c-Fees Earned Revenue
d-Prepaid Advertising
Which of these accounts is never closed?
Group of answer choices
a-Prepaid Rent
b-Rent Revenue
c-Rent Expense
d-Income Summary
Homework Answers
Question 1
Correct answer----------c-Fees Earned Revenue
Working note
| a-Prepaid Insurance | Permanent |
| b-Unearned Service Revenue | Permanent |
| c-Fees Earned Revenue | Temporary |
| d-Prepaid Advertising | Permanent |
All balance sheet accounts are permanent account whereas income statement accounts are temporary.
Question 2
Correct answer-------a-Prepaid Rent
Asset, liability and equity accounts are never closed. All temporary accounts are closed at year end.
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Which of the following accounts is considered a temporary or
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