Accounting Chapter 5 Review

How do you classify Repairs Expense?

• Expense

• Revenue

• Asset

• Owner's Equity

How do you classify Everett, Withdrawals?

• Revenue

• Asset

• Owner's Equity

• Liability

How do you classify Accounts Receivable?

• Revenue

• Asset

• Owner's Equity

• Liability

How do you classify Accounts Payable?

• Asset

• Expense

• Owner's Equity

• Liability

Is Rent Expense Permanent or Temporary?

• Permanent

• Temporary

Which of the following are Permanent Accounts?

• Expenses, Revenue, Cash in Bank

• Revenue, Cash in Bank, Capital

• Capital, Cash in Bank, Accounts Receivable

• Capital, Withdrawals, Expenses

Is Delivery Revenue Permanent or Temporary?

• Permanent

• Temporary

Where does Accounts Payable increase?

• Debit

• Credit

Which of the following is a characteristic of a Temporary Account?

• Temporary accounts are never closed and their balance carries over to the next period

• Temporary accounts are closed to zero at the end of the accounting period

• Temporary accounts are only used a small amount during the period

Where does Everett, Withdrawals increase?

• Debit

• Credit