Asked by
Jinsey Dowling
on Nov 12, 2024Verified
Examples of temporary accounts are supplies and prepaid expenses which are in the ledger for just a short time before they expire.
Temporary Accounts
Accounts used to collect information during a single accounting period, which are reset by transferring the balance to a permanent account at the period's end.
Prepaid Expenses
Items such as supplies that will be used in the business in the future.
- Comprehend the various categories of asset accounts and their classification.
Verified Answer
SS
Learning Objectives
- Comprehend the various categories of asset accounts and their classification.