PLEASE DO IT BY TPYE NOT PICS QUESTION 1 From the following select ALL accounts that...
PLEASE DO IT BY TPYE NOT PICS
QUESTION 1
From the following select ALL accounts that go into calculating Retained Earnings.
| 1. |
Accounts Receivable |
|
| 2. |
Rent Expense |
|
| 3. |
Sales Revenue |
|
| 4. |
Dividends |
|
| 5. |
Accounts Payable |
|
| 6. |
Beginning Retained Earnings |
|
| 7. |
Common Stock |
|
| 8. |
Rent Payable |
QUESTION 2
Which of the following is a nominal (temporary) account?
| A. |
Unearned Service Revenue |
|
| B. |
Inventory |
|
| C. |
Salaries and Wages Expense |
|
| D. |
Retained Earnings |
Homework Answers
Solution 1:
The following accounts will go into calculating Retained Earnings:
1. Rent Expense
2. Sales Revenue
3. Dividends
4. Beginning retained earnings
Solution 2:
Salaries and Wages expense is a nominal account. Hence option c is correct.
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PLEASE DO IT BY TPYE NOT PICS
QUESTION 1
From the following select ALL accounts that...
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