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Tight junctions
Income Summary
An account used in the closing process during the accounting cycle that summarizes revenues and expenses before transferring the net income or loss to retained earnings.
Owner's Capital
The total value of assets contributed by the owner(s) to a business minus any withdrawals made by the owner(s).
Correcting Entry
An accounting entry made to correct errors found in the financial statements after they have been prepared.
Incorrect Entry
An error or mistake made in recording transactions in the accounting records.
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