Indicate whether each of the items below is a real or nominal account and whether it appears

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Indicate whether each of the items below is a real or nominal account and whether it appears in the balance sheet or the income statement.

(a) Prepaid Rent.

(b) Salaries and Wages Payable.

(c) Merchandise Inventory.

(d) Accumulated Depreciation.

(e) Office Equipment.

(f) Income from Services.

(g) Office Salaries Expense.

(h) Supplies on Hand.

Depreciation
Depreciation is an important concept in accounting. By definition, depreciation is the wear and tear in the value of a noncurrent asset over its useful life. In simple words, depreciation is the cost of operating a noncurrent asset producing...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Intermediate Accounting

ISBN: 978-0470423684

13th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

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