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Temporary accounts are used to record accounting activity during a specific period. Permanent accounts, on the other hand, track activities that extend beyond the current

Temporary accounts are used to record accounting activity during a specific period. Permanent accounts, on the other hand, track activities that extend beyond the current accounting period (Liberto, 2020). Where are temporary accounts housed (financially reported)? What about permanent accounts? What two purposes are accomplished by recording closing entries?

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