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3. Daniel is having trouble determining whether withdrawals. Owner's capital, interest income, and prepaid insurance are temporary or permanent accounts. Explain to him the difference

3. Daniel is having trouble determining whether withdrawals. Owner's capital, interest income, and prepaid insurance are temporary or permanent accounts. Explain to him the difference between a temporary and a permanent account in accounting and classify the accounts into each category. 4. Why is classified balance sheet more useful to financial statements users than a non-classified balance sheet

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