Which of the following account groups are temporary accounts?

a. Common Stock, Dividends, Retained Earnings
b. Cash, Dividends, Wages Payable
c. Prepaid Insurance, Equipment, Fees Earned
d. Rent Revenue, Fees Earned, Miscellaneous Expense

Respuesta :

Answer: d. Rent Revenue, Fees Earned, Miscellaneous Expense

Explanation:

Temporary accounts are also referred to as nominal accounts and they are the accounts that are closed when the year ends and began afresh the following accounting period and they basically relates to fees, expenses and gains.

From the options above, the answer will be option D "Rent Revenue, Fees Earned, Miscellaneous Expense"

Answer:

Which of the following accounts is not affected by closing entries?

Select one:

A. Retained Earnings

B. Common Stock

C. Cash Dividends

D. Service Fees Earned

Explanation: