Closing entries (Learning Objective 4) 5–10 min.

From the following list of accounts from the adjusted trial balance, identify each as an asset, liability, stockholders’ equity, revenue, or expense. Use the most detailed account type appropriate. Also, state whether each account is a permanent or temporary account and whether it is an account that gets closed at the end of the accounting period.

Following the accounts is a sample of the format to use.

1. Depreciation Expense 2. Sales Revenue 3. Building 4. Cash 5. Unearned Service Revenue 6. Prepaid Rent 7. Dividends Supplies Account Asset Type of Account Permanent Permanent/Temporary No Closed AppendixLO1