Question
The following information was drawn from the accounting records of Swanson Company as of December 31, 2014, before the temporary accounts had been closed. The
The following information was drawn from the accounting records of Swanson Company as of December 31, 2014, before the temporary accounts had been closed. The Cash balance was $3,140, and Notes Payable amounted to $23,650. The company had revenues of $3,750 and expenses of $2,100. The companys Land account had a $4,500 balance. Dividends amounted to $700. There was $500 of common stock issued. Required a. Identify which accounts would be classified as permanent and which accounts would be classified as temporary. to do: Name each account's classification. 1.Cash 2.Notes Payable 3.Revenues 4.Expenses 5.Land 6.Dividends 7.Common Stock 8.Retained Earnings
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