Types and Treatment of Accounts Encanto Properties, Inc., uses the accounts listed below.
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A. Prepaid Insurance |
J. Prepaid Advertising |
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B. Retained Earnings |
K. Notes Payable |
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C. Accumulated Depreciation |
L. Cost of Goods Sold |
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D. Wages Expense |
M. Machinery |
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E. Commissions Revenue |
N. Owners’ Capital |
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F. Interest Payable |
O. Accounts Receivable |
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G. Supplies |
P. Bonds Payable |
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H. Insurance Expense |
Q. Supplies Expense |
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I. Unearned Rent |
R. Depreciation Expense |
Required (a) For each account above, indicate whether it is an asset, liability, owners’ equity, revenue, or expense account. (b) Indicate whether the account is closed at the end of the fiscal year.