Identify whether each of the following accounts would be considered a permanent account (yes/ no) and which
Question:
Identify whether each of the following accounts would be considered a permanent account (yes/ no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement).
A. Common Stock
B. Dividends
C. Dividends Payable
D. Equipment
E. Income Tax Expense
F. Income Tax Payable
G. Service Revenue
H. Unearned Service Revenue
I. Net Income
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A The account is considered as a permanent account because it does not fluctuate Hence it is reported on the balance sheet It is also a current asset ...View the full answer
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Related Book For 
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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