For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and whether it is
Question:
For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and whether it is reported on the Balance Sheet or the Income Statement.
A. Salaries Payable
B. Sales Revenue
C. Salaries Expense
D. Prepaid Insurance
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A This account is temporary as it is an expense incurred by a specific account Sales as a oneoff eve...View the full answer
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Related Book For 
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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