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) Common Stock
(2) Salaries Payable
(3) Cash
(4) Service Revenue
(5) Dividends
(6) Land
(7) Salaries Expense
(8) Retained Earnings
(9) Utilities Expense
(10) Other Operating Expenses
b. Bill bragged that he had five years of accounting experience. Jane disagreed, responding, “No. You have had one year of accounting experience five times.” Explain what Jane meant. (Hint: Refer to the accounting cycle.)
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