Encanto Properties, Inc., uses the accounts listedbelow. A. PrepaidInsurance L.

Question

Encanto Properties, Inc., uses the accounts listedbelow.

A.   PrepaidInsurance                            L. Cost of Goods Sold

B.   RetainedEarnings                           M. Machinery

C.   AccumulatedDepreciation             N. Owner’sCapital

D.   WagesExpenses                             O. Accounts Receivable

E.    CommissionsRevenue                   P. Bonds Payable

F.    InterestPayable                               Q.Supplies Expense

G.  Supplies                                            R. Depreciation Expense

H.   InsuranceExpense

I.     Unearned Rent

J.    PrepaidAdvertising

K.   NotesPayable

Required: (A) For each account above, indicatewhether it is an asset, liability, owners’ equity, revenue,or expense account. (B) Indicate whether theaccount is closed at the end of the fiscal year.

Explanation / Answer

Encanto Properties, Inc., uses the accounts listedbelow. A. PrepaidInsurance L.

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