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COMPLETION OF THE ACCOUNTING PROCESS I would need the following: 1. Classify the accounts listed below as permanent or temporary, 2. Indicate whether or not
COMPLETION OF THE ACCOUNTING PROCESS
I would need the following: 1. Classify the accounts listed below as permanent or temporary, 2. Indicate whether or not each account is closed at the end of the accounting period. 3. Indicate the financial statement in which each account will appear.
Account Title Permanent Temporary Closed Yes No X Balance Sheet X Income Statement Example: Building X 1. Rent expense 2. Prepaid Insurance 3. Accounts Receivable 4. Supplies Expense 5. Accumulated Depreciation 6. Interest Payable 7. Service Revenues 8. Notes Payable 9. Depreciation Expense 10. Noel, CapitalStep by Step Solution
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