Closing accounts and the accounting cycle Required a. Identify which of the following accounts are temporary (will
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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) Common Stock
(2) Notes Payable
(3) Cash
(4) Service Revenue
(5) Dividends
(6) Land
(7) Salaries Expense
(8) Retained Earnings
(9) Prepaid Rent
(10) Supplies Expense
b. List and explain the four stages of the accounting cycle. Which stage must be first? Which stage is last?
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a Account Classification 1 Common Stock P 2 Notes Payable P 3 Cas...View the full answer
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