Download, complete and submit the following problem in the Excel template provided.   All information (transactions, problem instructions, etc.) are found in the Excel template. Accounting Test 5 Problems Template

Fees Earned and Sales are liability accounts.

Assets that last less than a year are called:

Fees Earned and Sales are liability accounts.

Cash, Supplies and Accounts Receivable are all asset accounts.

Assets that last less than a year are called:

When a business disposes of a fixed asset for a gain, the gain is reported as additional revenue.

When a business disposes of a fixed asset for a gain, the gain is reported as additional revenue.

Temporary accounts that are closed during the closing process include: Assets, Expenses & Drawing.

Temporary accounts that are closed during the closing process include: Assets, Expenses & Drawing.