Required a. Identify which of the following accounts are temporary (will be closed to Retained Earnings at

Question:

Required

a. Identify which of the following accounts are temporary (will be closed to Retained Earnings at the end of the year) and which are permanent:

(1) Other Operating Expenses

(2) Utilities Expense

(3) Retained Earnings

(4) Salaries Expense

(5) Land

(6) Dividends

(7) Service Revenue

(8) Cash

(9) Salaries Payable

(10) Common Stock
b. List and explain the four stages of the accounting cycle. Which stage must be first? Which stage is last?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...