Exercises ........... LO 2 Practice Exercise 2 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 an example. Show me HOW Closed Real Nominal Yes No Income Statement Balance Sheet X Account Title 0. Example: Building a. Prepaid Insurance b. Accounts Payable c. Wages Payable d. Income from Services e. Rent Expense f. Office Supplies Expense 8. Accum. Depr., Equipment