NextDoorStudios – Fraternity Fantasies – Making Something Extra – Masyn Thorne, & Andrew Miller

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Debits and Credits: Additional Explanation

The general ledger accounts that are not permanent accounts are referred to as temporary accounts. The balance sheet accounts are referred to as permanent because their end-of-year balances will be carried forward to the next accounting year. The permanent accounts are sometimes described as real accounts. Equity, also known as …

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