Identify each of the following categories of accounts as temporary or permanent: assets, liabilities, equity, revenues, expenses,

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Identify each of the following categories of accounts as temporary or permanent: assets, liabilities, equity, revenues, expenses, dividends. How is the distinction between temporary and permanent accounts related to the closing process?

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Cornerstones of Financial and Managerial Accounting

ISBN: 978-1111879044

2nd edition

Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen

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Question Posted: Sep 22, 2015 02:36 AM

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Identify each of the following categories of accounts as temporary or permanent: assets, liabilities, equity, revenues, expenses,

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Expense revenue and dividend accounts are temporary accounts The income summary account is ...View the full answer

Cornerstones of Financial and Managerial Accounting

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