f. Service Revenue. Indicate whether each of the items below is a real or nominal account and whther it appears in the balance sheet or the income statement a) prepaid rent b) salaries and wages payable c) Inventory d) accumulated depreciation-equip e) equipment f) service revenue g) Salaries and wages expense h) supplies. g. Salaries and Wages Expense. c. Inventory. d. Accumulated Depreciation—Equipment. Furniture Account 2. Salaries and Wages Payable. An account is a summarized record of the transactions relating to one person or …

Salaries Account 3. Answer / nnvamshi. Where as Impersonnel Account shall be of Two types. Nominal accounts are referred as temporary account since, every accounting year a nominal account is prepared with the zero balance at initial stage and changes with transactions by the company. Questions Answers 1. Real account which represents assets & Investments & Nominal account which represents Expenses,Losses,Income & Gains Real Account: s Debit - what comes in and A. Taxes payable account. Indicate whether each of the following items is a real or nominal account and whether it appears in the balance sheet or the income statement. Representative Person: Representing group transactions for group of persons like Salary Payable Account. Usually the company pays the wages payable to the employees in the pay period following the one in which the work was recorded. Only accounts relating to assets and liabilities ,that is real account and personal accounts are balanced periodically.Nominal accounts are accounts of expenses and Incomes.They are not balanced;They are closed at the end of the trading period by transferring the amounts to the debit and credit of a Profit and loss account.Before a nominal account is closed it will either show a debit … b. The balances of the nominal account is not carried forward to the next financial or the accounting period ad they are temporary account and their balances are transferred to real account.

Wages payable is a liability account that shows the amount that the company owes to employees for hours they have already worked, but for which the company has not yet issued a paycheck. e. Equipment. This account directly corresponds to the wages expense account. Classify the following accounts into Personal Account, Real Account & Nominal Account. Distinguishing Real and Nominal Business Accounts By John A. Tracy A real account in a business is a record of the amount of asset, liability, or owners’ equity at a precise moment in time. a. Prepaid Rent.

3. These rules are formulated on the basis of three basic accounts, personal, real and nominal account. h. Supplies. Real Accounts are accounts to record transactions relating to Assets. Golden Rules of Accounting are used to record economic activity in books of accounts. Outstanding Wages Ac Real Account B.Nominal Account.