Question 1: Briefly discuss the difference between Temporary Accounts and Permanent Accounts.

The financial statement columns of the worksheet December 31, 2017, are as follows: Income Statement Debit Credit Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Note Payable (Long term) Salaries and Wages Payable Share Capital-Ordinary Retained Earnings Dividends Service Revenue Advertising Expense Depreciation Expense Insurance Expense Rent Expense Salaries and Wages Expense Supplies Expense Totals Net Income Financial Position Debit Credit 20,000 14,000 8,000 12,000 438,000 58,000 38,000 120,000 26,000 100,000 124,000 18,000 246,000 42,000 24,000 6,000 34,000 84,000 12,000 202,000 44,000 123.000 246,000 510,000 466,000 44,000 255.000 123.000 255.000