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April spots the boy that she has a crush on sitting with his friends. Her heart begins to pound, her hands get sweaty, and her cheeks feel hot. April's _______________ has been activated.
Closing Entries
Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, closing out the revenue and expense accounts.
Post-closing Trial Balance
A financial statement prepared after all adjusting and closing entries are made, ensuring the total debits equal total credits.
Ledger Accounts
Individual financial records within the general ledger, detailing transactions related to a specific account category.
Income Summary
An account in the accounting ledger that is used to summarize the revenues and expenses for a period, facilitating the transfer of net income or loss to retained earnings.
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