Solution-What are permanent accounts

What are permanent accounts

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Reference no: EM132489869

		Debit	Credit
101 106 153	Cash........................................................................................................................ Accounts receivable.......................................................... Trucks...........................................................................	$ 3,600 8,500 26.000
154	Accumulated depreCiatiOn. truCkS......................................		$ 8.250
193	Franchise.......................................................................	13,200
201	Accounts payable.............................................................		9,600
209	Salanes payable...........................................		3.200
233	Unearned revenue...........................................................		1.300
301	Sid Willard, capital ..........................................................		29,100
302	Sid Willard, withdrawals....................................................	9,600
401	Plumbing revenue............................................................		42,050
611	Oeprcc'abon expense, trucks..............................................	4.900
622	SalandS expenSe..........................................................	17.800
640	Rent expense..................................................................	3,000
677	Advertising expense.....................................................	6,900
901	Income summer'..........................................
	Total ..................................................	$03500	$03,500
	Total ..................................................

Question 1: Why do we perform the closing process?

Question 2: What are the four steps in the closing process?

Question 3: What are temporary accounts?

Question 4: What are permanent accounts?

Reference no: EM132489869

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What are permanent accounts

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Reference no: EM132489869

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