Question

How many of the accounts below are temporary accounts? Account Name Accounts Payable Equipment Inventory Prepaid...

How many of the accounts below are temporary accounts?

Account Name

Accounts Payable
Equipment

Inventory

Prepaid Rent

Deferred Revenue

Retained Earnings

Supplies

Note Payable

Interest Payable

Common Stock

Rent Expense

Dividends

Salary Expense

Salary Payable

One

Two

Three

Four

Five

Six

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Homework Answers

Answer #1

Temporary accounts refer to accounts that are closed at the end of every accounting period.These accounts include revenue,expenses and withdrawal accounts.

As per above definition:

i)Supplies

ii)Salary expense

iii)Rent expense

iv)dividend(close to retained earning account)

Are qualifies for temporary account as they have nil balance at the end of each year and close after transfer to profit and loss account or other particular payable account.

Thus correct answer is Four

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