Respectively, Cash, Rent Expense and Accounts Payable are:
A)all permanent accounts.
B)permanent, temporary, and temporary accounts.
C)temporary, permanent, and temporary accounts.
D)permanent, temporary, and permanent accounts.

Question

Quizplus · Accepted Answer

Cash is a permanent account because it is a balance sheet account that represents the cash on hand or in bank accounts of a company. Rent Expense is a temporary account because it is an income statement account that represents the cost of renting a specific property. Accounts Payable is a permanent account because it is a balance sheet account that represents the amount owed by a company to its suppliers or vendors. Therefore, the correct choice is D - permanent, temporary, and permanent accounts.

Respectively, Cash, Rent Expense and Accounts Payable Are