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The following information was drawn from the accounting records of Wyckoff Company as of December 31 2016, before the temporary accounts had been closed. The
The following information was drawn from the accounting records of Wyckoff Company as of December 31 2016, before the temporary accounts had been closed. The Cash balance was $3,070, and Notes Payable amounted to $20,850. The company had revenues of $3,990 and expenses of $2,100. The company's Land account had a $6,000 balance. Dividends amounted to $350. There was $1,000 of common stock issued. Required a. Identify which accounts would be classified as permanent and which accounts would be classified as temporary Account Classification Cash Notes Payable Revenues Expenses Land Dividends Common Stock Retained Earnings
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