In-Class Assignment #8
Use the following abbreviations to answer this question:
Asset
Liability
Shareholders' Equity
Revenue
Expense
Dividends declared
A
L
SE
R
E
DD
Required
For each of the following accounts, identify what type of account it is and state whether it is a
temporary or permanent account. Use the abbreviations shown above for account type. If the
account is a contra account, put a “C” in front of the
abbreviation
1
2
3
4
5
6
7
8
9
10
Accumulated Depreciation, Buildings
Interest Payable
Common Shares
Unearned Revenue
Cost of Goods Sold
Sales Revenue
Dividends Declared
Interest Revenue
Prepaid Expenses
Depreciation Expense
Account
Type
Permanent /
Temporary
A
L
SE
L
E
R
L
R
E
E
Permanent
Permanent
Permanent
Permanent
Temporary
Temporary
Permanent
Temporary
Temporary
Temporary