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I will upload the pictures of the assignmentThe answer has to be 250 words and I also need a reply to one of the answers which needs to be 50 words.
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I do agree with Mariah’s comment. The permanent accounts give report on the activities
associated to the future accounting periods such as asset, equity and liability accounts. There
difference is relative to one accounting period instead of multiple statement accounts.
The closing process applies to the temporary accounts after a financial statement is
prepared since expense, revenue and dividends have to begin for each accounting period with
zero balance and the retained earnings must reflect the earlier period’s revenue.
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The difference between temporary and permanent accounts
Temporary accounts are also known as nominal accounts and are the accounts whose
balances are usually not carried from one accounting per...
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