QS $4-5($Algo$)$ Explaining temporary and permanent accounts LO P$2$

$25$ Select the appropriate term to complete the statements below.

Wages expense would be considered a

account, because it is closed at period$-$end.

transfer end$-$of$-$period balances in expense, withdrawals, and revenue accounts to the capital account.

accounts generally consist of all balance sheet accounts, and these accounts are not closed.

Permanent accounts report on activities related to

future accounting periods, and they carry their ending balances into the next period.