I just learned about Income Summary. Is it a temporary or permanent account and aside from using it to close, does it serve any other purpose? Is it a Debit or Credit account. What are some other temporary accounts and how do I know or how can I tell if something is a temp account or a permanent account? Also please answer this. Why is Dividend and Expenses temporary accounts?
I just learned about Income Summary. Is it a temporary or permanent account and aside from using it to close, does it serve any other purpose? Is it a Debit or Credit account. What are some other temporary accounts and how do I know or how can I tell if something is a temp account or a permanent account? Also please answer this. Why is Dividend and Expenses temporary accounts?
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 14EA: Determine whether the balance in each of the following accounts increases with a debit or a credit....
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I just learned about Income Summary. Is it a temporary or permanent account and aside from using it to close, does it serve any other purpose? Is it a Debit or Credit account. What are some other temporary accounts and how do I know or how can I tell if something is a temp account or a permanent account? Also please answer this. Why is Dividend and Expenses temporary accounts?
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