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Is Interest expense a permanent account?
No it is a temporary account
Is prepaid insurance account a nominal account?
No, it is a real/permanent account. Insurance expense is a nominal account.
Is notes payable a permanent account?
Any account on the balance sheet is a permanent account - 'Cash', 'Accounts Receivable', 'Accounts Payable'. Income and expense accounts are temporary accounts because they are closed at the end of an accounting period. Examples are: 'Service Revenue', 'Office Expense', and, my personal favourite, 'Meetings and Entertainment Expense'.
Is accumulated depreciation a permanent or temporary account?
A/D is not temporary. Depreciation expense is the YTD depreciation booked. A/D retains its balance year over year.
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
Is Interest expense a permanent account?
No it is a temporary account
Is prepaid insurance account a nominal account?
No, it is a real/permanent account. Insurance expense is a nominal account.
Is notes payable a permanent account?
Any account on the balance sheet is a permanent account - 'Cash', 'Accounts Receivable', 'Accounts Payable'. Income and expense accounts are temporary accounts because they are closed at the end of an accounting period. Examples are: 'Service Revenue', 'Office Expense', and, my personal favourite, 'Meetings and Entertainment Expense'.
Is accumulated depreciation a permanent or temporary account?
A/D is not temporary. Depreciation expense is the YTD depreciation booked. A/D retains its balance year over year.
Is Accumulated depreciation account a permanent account?
A/D is not temporary. Depreciation expense is the YTD depreciation booked. A/D retains its balance year over year.
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account type is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account types is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
Is a depreciation expense account a permanent or temporary account?
Yes it is. Permanent accounts are balance sheet accounts which do not close at the end of the accounting year, as opposed to income statement account balances which are removed an added to retained earnings. Another words income statement accounts are measured for a certain period of time whereas balance sheet accounts carry on to the following years.
Is supplies expense a temporary account?
yes it is
The entry to close the appropriate insurance account at the end of the accounting period is what?
Insurance account is expense account and expense account is closed in income summary account. Insurance account should be credited where as income summary account should be debited
What type of account is insurance expense?
liability
