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28. The Purchases account is a permanent account. temporary account. subsidiary account liability account.
The Purchases account is a temporary account.
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Asked 9/19/2013 7:09:26 PM
Updated 3/1/2016 10:38:50 AM
1 Answer/Comment
Flagged by emdjay23 [3/1/2016 10:24:33 AM], Unflagged by jeifunk [3/1/2016 10:38:48 AM], Edited by jeifunk [3/1/2016 10:38:50 AM]
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The Purchases account is a temporary account.

Added 3/1/2016 10:24:31 AM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [3/1/2016 10:38:44 AM]
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Questions asked by the same visitor
20. After the closing entries are posted to the ledger, each expense account will have a debit balance. a credit balance. either a debit or a credit balance. a zero balance.
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Expert Answered
Updated 7/25/2016 12:00:43 AM
1 Answer/Comment
After closing entries are posted to the ledger, each expense account will have zero balance.
Added 7/24/2016 11:50:56 PM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [7/25/2016 12:00:45 AM]
23. A firm that sells goods that it purchases for re-sale is a service business. merchandising business manufacturing business non-profit business.
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Expert Answered
Updated 9/6/2017 6:53:09 AM
1 Answer/Comment
A firm that sells goods that it purchases for re-sale is a merchandising business.
Added 9/6/2017 6:53:07 AM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [9/10/2017 7:57:03 PM]
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