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4 Cards in this Set
- Front
- Back
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Closing Entries |
Journal entries that transfer the results of operations (net income or net loss) to owner's equity and reduce the revenue, expense, and drawing account balances to zero |
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Income Summary Account |
A special owner's equity account that is used only in the closing process to summarize the results of operations |
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Interpret |
To understand and explain the meaning and importance of something (such as financial statements) |
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Postclosing trial balance |
A statement that is prepared to prove the equality of total debits and credits after the closing process is completed |
