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A business renders services to a customer for $26,000 on account. Which of the following accounts will be credited?
Permanent
A term used in accounting to describe accounts that are not closed at the end of the accounting period, such as assets, liabilities, and equity accounts.
Temporary
Pertaining to or lasting for a limited time; in accounting, referring to accounts that are closed at the end of each accounting period, such as revenue and expense accounts.
Permanent
Refers to accounts or records in accounting that are not closed at the end of the accounting period and are carried over into the next period.
Temporary
Pertains to something not permanent or lasting only for a limited period of time.
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