From the List of Accounts, Determine Whether the Account Is

question 196

Multiple Choice

From the list of accounts, determine whether the account is a temporary or permanent account. (Choices may be used more than once.)
-supplies expense

• A)temporary account
• B)permanent account

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Definitions:

Journalizing

The process of recording transactions in a company's journal before they are posted to the general ledger.

Posting Process

The act of transferring entries from the journal to the respective ledger accounts to keep financial records accurate and up-to-date.

Wrong Amount

Errors in financial transactions that result in the recording of inaccurate figures in accounting systems.

Trial Balance

A trial balance is a bookkeeping report that lists the balances of all ledgers in two columns, debits, and credits, ensuring that total debits equal total credits.