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How and why the income summary account is used

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Question -

1. Write a 500-1,000-word essay describing how and why the Income Summary account is used. Is this account a temporary or permanent account?

2. Write a 500-1,000-word essay describing the purpose of a trial balance and explain the difference between a trial balance and a balance sheet. Explain the concept of error-free trial balancing and how to correct errors in a trial balance.

 

 

Reference no: EM132020815

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