DQuestion 4 4 pts For each account listed below, indicate whether it is a nomina
ID: 2340421 • Letter: D
Question
DQuestion 4 4 pts For each account listed below, indicate whether it is a nominal account or a permanent account and identify the normal balance of the account (debit or credit). Select your answer by clicking in the drop down box to the right of each account. Be careful with matching questions because canvas randomizes the matches. Thus, if you print out the quiz to work on it and then enter your answers later in the week, it is very likely the order of the matches will be different. Therefore, exercise caution when entering your answers into canvas. Quiz scores will not be adjusted for errors in entering choices retained earnings Choose ] unearned revenue Choose ] prepaid rent Choose ] rental revenue Choose ]Explanation / Answer
First of all i would like to say what is Nominal account and what is a permanent account.
Nominal accounts (which also known as temporary accounts ) are the accounts that report all revenues,expenses,gains and losses and, these accounts are closed at end of each accounting year by transefering there balances to permanent accounts.
Permanent accounts also known as real accounts.these accounts reports balances of all assets,all liabilities (including unearned revenue) and owner's equity accounts.
in view of the above discussion we can indicate the list given in the question as follows.
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