1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
iren [92.7K]
2 years ago
14

Identify which accounts should be closed on May 31.

Business
2 answers:
Ann [662]2 years ago
6 0

Cash ___________________ Not Closed

Supplies _________________Not Closed

Prepaid Insurance _________ Not Closed

Land ___________________Not Closed

Buildings ________________Not Closed

Equipment _______________Not Closed

Accounts Payable _________ Not Closed

Unearned Rent Revenue ____Not Closed

Mortgage Payable _________Not Closed

Common Stock ___________Not Closed

Rent Revenue ____________Closed

Salaries and Wages Expense_Closed

Utilities Expense __________ Closed

Advertising Expense _______ Closed

Interest Expense __________ Closed

Insurance Expense _________Closed

Supplies Expense __________Closed

Depreciation Expense _______Closed

Explanation:

In accounting, there are two types of accounts

Temporary

Permanent

Temporary

Temporary accounts are closed at the end of each accounting period and new balance are maintained for the new period.

Expense and Income accounts are temporary accounts and these accounts are closed in the retained earning account of the balance share.

In this question following accounts are temporary accounts and these are needed to be closed at the end of the period.

Rent Revenue

Salaries and Wages Expense

Utilities Expense

Advertising Expense

Interest Expense

Insurance Expense

Supplies Expense

Depreciation Expense

Permanent Accounts

Permanent accounts are not closed at the end of each accounting period and they carried their net and accumulated balance in the next period.

Assets, Equity, and Liabilities accounts are permanent accounts.

In this question following accounts are permanent accounts

Cash

Supplies

Prepaid Insurance

Land

Buildings

Equipment

Accounts Payable

Unearned Rent Revenue

Mortgage Payable

Common Stock

vaieri [72.5K]2 years ago
5 0

Answer:

Cash   ___________________ Not Closed

Supplies _________________Not Closed

Prepaid Insurance _________ Not Closed

Land  ___________________Not Closed  

Buildings ________________Not Closed

Equipment _______________Not Closed

Accounts Payable _________ Not Closed

Unearned Rent Revenue ____Not Closed

Mortgage Payable _________Not Closed

Common Stock ___________Not Closed

Rent Revenue ____________Closed

Salaries and Wages Expense_Closed

Utilities Expense __________ Closed

Advertising Expense _______ Closed

Interest Expense __________ Closed

Insurance Expense _________Closed

Supplies Expense __________Closed

Depreciation Expense _______Closed  

Explanation:

In accounting, there are two types of accounts

  1. Temporary
  2. Permanent

Temporary

Temporary accounts are closed at the end of each accounting period and new balance are maintained for the new period.

Expense and Income accounts are temporary accounts and these accounts are closed in the retained earning account of the balance share.

In this question following accounts are temporary accounts and these are needed to be closed at the end of the period.

Rent Revenue  

Salaries and Wages Expense

Utilities Expense  

Advertising Expense

Interest Expense

Insurance Expense

Supplies Expense  

Depreciation Expense

Permanent Accounts

Permanent accounts are not closed at the end of each accounting period and they carried their net and accumulated balance in the next period.

Assets, Equity, and Liabilities accounts are permanent accounts.

In this question following accounts are permanent accounts

Cash    

Supplies  

Prepaid Insurance  

Land

Buildings  

Equipment  

Accounts Payable  

Unearned Rent Revenue  

Mortgage Payable  

Common Stock  

You might be interested in
Santos International is a beauty salon in Texas. The salon is conveniently located in mid-town, and there is plenty of parking.
Marta_Voda [28]

Answer: d. By choosing the right distribution channel.

Explanation:

In order for Santos to benefit effectively from the services they offer, they need to select the right distribution channel that will ensure that their products and services get to their customers in such a way that the customers are able to utilize these services.

They need to research the various distribution channels available to them and then based on the unique circumstances of their customers, decide which one would be best to ensure maximum reach to their customer base.

5 0
2 years ago
You are the boat operator. when are you required to assist anyone injured in an accident?
trapecia [35]
As a boat operator, the law make it mandatory that you should stop and assist other boaters who are involves in accidents if there is no danger to you, your passengers or your boat. People who render assistance at boat accident scenes are not hold liable for any civil damage because of the assistance they render.
6 0
3 years ago
Teach for america works to solve which societal problem
aniked [119]
<span>Teach for america works to solve the problem of educational inequality. Teach for America’s network includes more than 10 00corps members teaching in 46 regions across the country. Teach for America corps members are as effective as- an in some cases more effective than- other teachers. They are funded by contritbutions from business, foundations, government ogranizations , and individuals in the regions where corps members teach.</span>
6 0
3 years ago
"Addison Corp. is considering the purchase of a new piece of equipment. The equipment will have an initial cost of $522,000, a 3
Vlad [161]

Answer:

$31,320.00

Explanation:

The formula for accounting rate of return is the annual net cash flow divided by the initial investment.

If the initial investment was $522,000 and the accounting rate of return is computed to be 6% per year, hence the annual increase in cash flow accruing from the investment can be calculated by changing the subject of the formula.

ARR=annual increase in cash flow/initial investment

ARR is 6%

initial investment is $522,000

annual increase in cash flow?

6%=annual increase in cash flow/$522,000

annual increase in cash flow=6%*$522,000= $31,320.00  

4 0
3 years ago
A market orientation refers to:__________
attashe74 [19]

Answer:

The answer is D) A market orientation refers to the orientation of an organization that focuses its efforts on continuously collecting information about customers' needs, sharing this information across departments, and using it to create customer value.

Explanation:

The philosophy of market orientation is concerned with crating value that meets the needs of customers.

A company that applies market orientation in their approach and processes seeks ways to identify the needs of customers, they study these wants, find our how well their competitors are meeting them and then create innovative value with a competitive edge that will sell easily.

The design and packaging of these customer orientated goods and services is meant to be cost effective for the sake of maximizing profit.

7 0
3 years ago
Other questions:
  • The wireone company manufactures high-quality coated electrical wire in two departments, weaving and coating. materials are intr
    11·1 answer
  • The ________ value (or obtained value) is what we compute to help us determine if we should accept the null hypothesis or not.
    6·1 answer
  • Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that
    12·1 answer
  • A(n) _____ is defined as a small number of people with complementary skills who hold themselves mutually accountable for pursuin
    9·1 answer
  • In Colonial America, laborers were<br> a. in abundance<br> b. paid good wages<br> c. in short supply
    9·1 answer
  • The performance and efficiency of a production house are analyzed by its achievements and strengths, and it is portrayed as the
    14·1 answer
  • Employers are not bound by the flsa regarding employees classified as ________ employees.
    15·1 answer
  • What does 3 dots inside a silver ring mean?
    8·1 answer
  • A simple random sample of 700 individuals provides 200 Yes responses. a. What is the point estimate of the proportion of the pop
    11·1 answer
  • Kevin works in an airline office. He has a habit of visiting social networking sites on his office computer during work hours. W
    11·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!