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V's accountingterms6

Chapter 6

QuestionAnswer
Closing Entries Journal entries that transfer the results of operations (net income or net loss) to owners equity and reduce the revenue, expense, and drawing account balances to zero
Income Summary Account A special owner's equity account that is used only in the closing process to summarize the results of operations
Interpret To understand and explain the meaning and importance of something (such as financial statements)
Postclosing Trial Balance A statement that is prepared to prove the equality of total debits and credits after the closing process is completed
Created by: Virajasaur
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