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As a result of the great success of corporate chains,many independent stores choose to band together in either a voluntary chain or a(n) ________.
Retained Earnings
The portion of a company's profits that is not distributed to shareholders as dividends but is instead reinvested in the business or held as a reserve.
Closing
The process of finalizing accounts at the end of an accounting period by clearing any balances and summarizing the financial activities.
Revenue Account
An account that records the income generated from a company's primary operations, such as sales of goods or services.
Post-closing Trial Balance
A summary of all the business accounts after the closing entries are made at the end of the accounting period, ensuring the accounts are balanced.
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