Answered

Which of the lists below contains only permanent accounts?
O Depreciation Expense; Income Summary; Service revenue
O Supplies; Income Summary; Owner, Capital
O Unearned rent; Service revenue; Accumulated Depreciation
O Owner, Capital; Accounts Payable; Accumulated Depreciation



Answer :

GinnyAnswer

Final answer:

Permanent accounts in accounting are accounts that are not closed at the end of an accounting period and include Owner, Capital, Accounts Payable, and Accumulated Depreciation among others.


Explanation:

Permanent accounts, also known as real accounts, are those that are not closed at the end of an accounting period and carry over their balances from one period to the next. They include Owner, Capital, Accounts Payable, and Accumulated Depreciation among others. On the other hand, temporary accounts are closed at the end of the period, such as revenues, expenses, and drawing accounts.


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