How do permanent accounts differ from temporary accounts

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Reference no: EM132090320

Question: 1. How do permanent accounts differ from temporary accounts?

2. Why are the income statement accounts closed but the balance sheet accounts are not?

3. Is the owner's drawing account considered an asset, liability, or owner's equity account? Is it a permanent or temporary account? Does it normally have a debit or credit balance?

Reference no: EM132090320

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