Answered: Indicate which of the following…

Business

Accounting

Indicate which of the following accounts of the ABC Co. should be closed (temporary or nominal accounts are closed)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 1PA: Identify whether each of the following accounts would be considered a permanent account (yes/no) and...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Indicate which of the following accounts of the ABC Co. should be closed (temporary or nominal accounts are closed)

Accounts payable

Accumulated Depreciation-Equiptment

Depreciation Expense-Equiptment

ABC, capital

ABC, drawing

Fees Earned

Land

Supplies

Suppies expense

Wages expense

Wages payable

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