Identify the accounts below that are ALL permanent accounts.
A)Accounts Receivable, Depreciation Expense, Fees Income
B)Accounts Receivable, Accumulated Depreciation, Accounts Payable
C)Accounts Payable, Owner's Capital, Income Summary
D)Accounts Payable, Wages Expense, Income Summary

Question

Quizplus · Accepted Answer

Permanent accounts are those that are not closed at the end of the accounting period, but rather carry over to the next period. Accounts Receivable is a temporary account that is closed at the end of the period. Depreciation Expense and Fees Income are also temporary accounts because they reflect a specific period's activity. However, Accumulated Depreciation and Accounts Payable are both permanent accounts because they carry over from one period to the next.

Identify the Accounts Below That Are ALL Permanent Accounts