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:
Jargon
Specialized terminology associated with a particular field, profession, or group, often difficult for outsiders to understand.
Non-verbal Communication
The process of conveying a message without the use of words, through body language, gestures, facial expressions, and other physical cues.
Downsizing
The process by which a company reduces its number of employees to cut costs, often leading to organizational restructuring.
Jargon
Specialized or technical language used by a particular group or profession that may be difficult for outsiders to understand.
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