PLEASE DO IT BY TPYE NOT PICS QUESTION 1 From the following select ALL accounts

Question

PLEASE DO IT BY TPYE NOT PICS

QUESTION 1

From the following select ALL accounts that go into calculating Retained Earnings.

Accounts Receivable

Rent Expense

Sales Revenue

Dividends

Accounts Payable

Beginning Retained Earnings

Common Stock

Rent Payable

QUESTION 2

Which of the following is a nominal (temporary) account?

Unearned Service Revenue

Inventory

Salaries and Wages Expense

Retained Earnings

1.

Accounts Receivable

2.

Rent Expense

3.

Sales Revenue

4.

Dividends

5.

Accounts Payable

6.

Beginning Retained Earnings

7.

Common Stock

8.

Rent Payable

Explanation / Answer

Solution 1:

The following accounts will go into calculating Retained Earnings:

1. Rent Expense

2. Sales Revenue

3. Dividends

4. Beginning retained earnings

Solution 2:

Salaries and Wages expense is a nominal account. Hence option c is correct.

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