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3 Cards in this Set
- Front
- Back
Closing Entries |
Journal entries that 1. Transfer the results of operations to owner's equity 2. Reduce the (revenue, expense and drawing account) balances to zero |
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Income Summary Account |
A special owner's equity account used in the closing process to summarize the results of operations |
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Postclosing Trial Balance |
Statement to prove the equality of total debits and credits after the closing process is complete |