Which of the following statements is true?Multiple ChoiceRetained earnings is a permanent account, while Income Statement accounts are temporary.Retained earnings and Income Statement accounts are all temporary accounts.Retained earnings and Income Statement accounts are all permanent accounts.Retained earnings is a temporary account, while Income Statement accounts are permanent accounts.Prev19 of 50Next

All the accounts in the income statement are closed at the end of each year and the balance is…

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Which of the following statements is true?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 31MC: Which of the following pairs increase with credit entries? A. supplies and retained earnings B. rent...

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Which of the following statements is true?
Multiple Choice
Retained earnings is a permanent account, while Income Statement accounts are temporary.
Retained earnings and Income Statement accounts are all temporary accounts.
Retained earnings and Income Statement accounts are all permanent accounts.
Retained earnings is a temporary account, while Income Statement accounts are permanent accounts.
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