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Match Each Term That Defines the Nature - Temporary or Permanent

Question 124

Matching

Match each term that defines the nature - temporary or permanent with the accounts

Premises:

Responses:

Bonds payable

T - temporary account

Investment revenue

P - permanent account

Accrued liabilities

D - close account with a debit

Accumulated depreciation

C - close account with a credit

Supplies expense

Retained earnings

Sales revenue

Prepaid insurance

Loss from investments sold

Gains from fixed assets sold

Premises:

Bonds payable

Investment revenue

Accrued liabilities

Accumulated depreciation

Supplies expense

Retained earnings

Sales revenue

Prepaid insurance

Loss from investments sold

Gains from fixed assets sold

Responses:

T - temporary account

P - permanent account

D - close account with a debit

C - close account with a credit

Correct Answer:

Premises:

Responses:

Bonds payable

Investment revenue

Accrued liabilities

Accumulated depreciation

Supplies expense

Retained earnings

Sales revenue

Prepaid insurance

Loss from investments sold

Gains from fixed assets sold

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