Acct HW-3 - 2-21A) Identify which of the following accounts...

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2-21A) Identify which of the following accounts are temporary (will be closes to Retained Earnings at the end of the year) and which are permanent. a) 1. Cash 2. Salaries Expense 3. Prepaid Rent 4. Utilities Expense 5. Service Revenue 6. Dividends 7. Common Stock 8. Land 9. Salaries Payable 10. Retained Earnings b) List and explain the four stages of the accounting cycle. Which stage must be first? Which stage is last? Accounting Cycle 1) Record Transactions ~this is the first stage because you must record all transactions within the accounting period. 2) Adjust Accounts ~before you prepare financial statements, it is best to make adjustments at the end of the accounting period. 3) Prepare Financial Statements ~prepare the financial statements for the accounting period. 4) Close Nominal Accounts-Temp. Accts ~this is the last stage be everything recorded, and adjusted so you close out the nominal and temporary accounts. Then start all over again. 2-23A) Comador Company’s accounting records show an after-closing balance of $16,800
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Acct HW-3 - 2-21A) Identify which of the following accounts...

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