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  3. (1) what is a temporary account and which specific

(1) What is a temporary account and which specific accounts or types of accounts are...

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Accounting

(1) What is a temporary account and which specific accounts or types of accounts are considered temporary?
(2) Is "Owner's Capital" a temporary or permanent account? Please explain what happens to this account during the closing process.
(3) Please post both journal entries for the 2-Step closing process using ONE of the scenarios below. If needed, please review the examples in Chapter 4 for guidance.
Please indicate which scenario you are answering and include the date for each. Assume the period ends December 31 for either scenario.
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