Closing accounts and the accounting cycle
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)Land
(2)Salaries Expense
(3)Retained Earnings
(4)Prepaid Rent
(5)Supplies Expense
(6)Common Stock
(7)Notes Payable
(8)Cash
(9)Service Revenue
(10) Dividends
b. List and explain the four stages of the accounting cycle. Which stage must be first? Which stage is last?
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