Which of the following are permanent accounts? (check all that apply)1 pointRetained Earnings Unearned Revenue Revenue Cost of Goods Sold Common Stock

1. Break Down the Problem

To identify permanent accounts, we need to differentiate between permanent (real) accounts and temporary (nominal) accounts. Permanent accounts include balance sheet accounts that carry their ending balance into the next accounting period. Temporary accounts, on the other hand, are closed at the end of the accounting period.

2. Relevant Concepts

Permanent accounts include:

• Assets
• Liabilities
• Equity accounts

Temporary accounts include:

• Revenues
• Expenses
• Gains
• Losses

3. Analysis and Detail

Let's analyze each of the options provided:

1. Retained Earnings: This is part of equity and is a permanent account.
2. Unearned Revenue: This is a liability account and is permanent.
3. Revenue: This is a temporary account. It gets closed at the end of each accounting period.
4. Cost of Goods Sold: This is also a temporary account related to expenses.
5. Common Stock: This is an equity account and is a permanent account.

4. Verify and Summarize

The permanent accounts from the list are Retained Earnings, Unearned Revenue, and Common Stock. Revenue and Cost of Goods Sold are not permanent accounts as they are closed out at the end of the period.

Final Answer

Permanent Accounts:

• Retained Earnings
• Unearned Revenue
• Common Stock