The items that follow appeared in the Income Statement columns of the work sheet prepared for a sole proprietorship at year-end, December 31, 2020. Also, the owner's withdrawals account was debited for $12,000 during the year. Prepare the necessary closing entries at December 31.
Definitions:
Obsessive-Compulsive Disorder
Obsessive-Compulsive Disorder (OCD) is an anxiety disorder characterized by uncontrollable, recurring thoughts (obsessions) and behaviors (compulsions) that the individual feels the urge to repeat over and over.
Mild Anxiety
A low level of anxiety that can act as a motivator or signal to pay attention, without significantly impairing daily function.
Trait Anxiety
A personality characteristic that denotes a tendency toward anxiety across various situations or over time.
Lorazepam
A benzodiazepine medication used to treat anxiety disorders; it works by enhancing the effects of a specific natural chemical in the body (GABA).
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