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The Closing Process Requires Only Temporary Accounts to Be Adjusted

Question 101

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The closing process requires only temporary accounts to be adjusted. Listed below are both temporary and permanent accounts.
State which accounts are permanent or temporary.

Premises:
Note payable
Prepaid expense
Cash
Income summary
Owner's capital
Service revenue
Land
Owner's drawings
Accounts payable
Unearned revenue
Salaries expense
Depreciation expense
Rent expense
Accounts receivable
Interest payable
Responses:
temporary
permanent

Correct Answer:

Note payable
Prepaid expense
Cash
Income summary
Owner's capital
Service revenue
Land
Owner's drawings
Accounts payable
Unearned revenue
Salaries expense
Depreciation expense
Rent expense
Accounts receivable
Interest payable
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