Examlex
The principles of continuity and closure best illustrate that
Income Summary
An account used in the closing process that summarizes revenues and expenses to determine the net income or loss for a period.
Debit
An accounting entry that increases an asset or expense account, or decreases a liability or equity account, recorded on the left-hand side.
Utilities Expense
Utilities Expense refers to the cost incurred from the consumption of utilities services like electricity, water, and gas in the course of business operations.
Post-Closing Trial Balance
A list of all accounts and their balances after closing entries are made, verifying the equality of debits and credits.
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