Examlex
Identify which of the following are temporary accounts of Sabrina Company.
(1) Retained Earnings
(2) Dividends
(3) Equipment
(4) Accumulated Depreciation
(5) Depreciation Expense
Credit
Credit refers to the trust which allows one party to provide resources (money, goods, services) to another party wherein the second party does not reimburse the first party immediately but promises to return or repay those resources (with or without interest) at a later date.
Cash Account
An account that records all transactions involving the exchange of cash.
Debited
An accounting term that refers to an entry on the left side of an account ledger, representing an increase in assets or a decrease in liabilities or equity.
Prepaid Expenses
Expenses paid in advance for benefits to be received in the future, recorded as assets on a balance sheet until used.
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