Identify which accounts should be closed on May 31. Cash

Not Closed
Closed
Supplies

Closed
Not Closed
Prepaid Insurance

Not Closed
Closed
Land

Closed
Not Closed
Buildings

Not Closed
Closed
Equipment

Not Closed
Closed
Accounts Payable

Closed
Not Closed
Unearned Rent Revenue

Not Closed
Closed
Mortgage Payable

Closed
Not Closed
Common Stock

Not Closed
Closed
Rent Revenue

Not Closed
Closed
Salaries and Wages Expense

Closed
Not Closed
Utilities Expense

Not Closed
Closed
Advertising Expense

Not Closed
Closed
Interest Expense

Not Closed
Closed
Insurance Expense

Not Closed
Closed
Supplies Expense

Not Closed
Closed
Depreciation Expense

Closed
Not Closed

Cash   Not Closed

Supplies Not Closed

Prepaid Insurance Not Closed

Land  Not Closed  

Buildings Not Closed

Equipment Not Closed

Accounts Payable Not Closed

Unearned Rent Revenue Not Closed

Mortgage Payable Not Closed

Common Stock Not Closed

Rent Revenue Closed

Salaries and Wages Expense_Closed

Utilities Expense Closed

Advertising Expense Closed

Interest Expense Closed

Insurance Expense Closed

Supplies Expense Closed

Depreciation Expense Closed  

Explanation:

In accounting, there are two types of accounts

Temporary

Temporary accounts are closed at the end of each accounting period and new balance are maintained for the new period.

Expense and Income accounts are temporary accounts and these accounts are closed in the retained earning account of the balance share.

In this question following accounts are temporary accounts and these are needed to be closed at the end of the period.

Rent Revenue  

Salaries and Wages Expense

Utilities Expense  

Advertising Expense

Interest Expense

Insurance Expense

Supplies Expense  

Depreciation Expense

Permanent Accounts

Permanent accounts are not closed at the end of each accounting period and they carried their net and accumulated balance in the next period.

Assets, Equity, and Liabilities accounts are permanent accounts.

In this question following accounts are permanent accounts

Cash    

Supplies  

Prepaid Insurance  

Land

Buildings  

Equipment  

Accounts Payable  

Unearned Rent Revenue  

Mortgage Payable  

Common Stock  

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