List the two primary types of accounts found in the income statement. Provide the following information for each of the two accounts: Norm (normal) balance – debit or credit Balance at the beginning of the year Balance at the end of the year after the accounts are closed

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A:

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A:

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Q: income statement

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.