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