Asked by
Daniel Bogale
on Oct 16, 2024Verified
Which of the following accounts is a permanent (real) account?
A) Fees earned.
B) Office supplies expense.
C) Interest revenue.
D) Accounts payable.
E) Salaries expense.
Fees Earned
Revenue generated from services provided or work performed, often used in the context of professional services like legal or consulting firms.
Office Supplies Expense
Office supplies expense is the cost associated with purchasing supplies used in the daily operations of an office, such as paper, pens, and ink cartridges.
Interest Revenue
The income earned from lending money or through investments in interest-bearing financial instruments.
- Describe the distinction between permanent and temporary accounts, emphasizing their respective treatments in the process of closing accounts.
Verified Answer
BC
Learning Objectives
- Describe the distinction between permanent and temporary accounts, emphasizing their respective treatments in the process of closing accounts.