EXERCISE 5-1 Classify the following accounts as real (permanent) or nominal (temporary) and indicate with an X whether the account is closed. Also indicate the financial statement in which each account will appear. The Building account is given as NTS Exercises LO 2 Practice Exercise 2 an example. Show me HOW Closed Account Title Real Nominal Yes No Income Statement Balance Sheet X 0. Example: Building a. Prepaid Insurance b. Accounts Payable c. Wages Payable d. Income from Services e. Rent Expense f. Office Supplies Expense Accum. Depr., Equipment