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Revenue Accounts
Accounts that track the income earned from the sale of goods and services, or the increase in equity resulting from the operations of an organization.
Owner's Capital Account
An account on a company's balance sheet that represents the owner's invested capital plus retained earnings minus withdrawals.
Balance Sheet Accounts
Accounts that reflect the financial position of a company at a specific point in time, including assets, liabilities, and shareholders' equity.
Closing Entry Process
The procedure used at the end of an accounting period to transfer balances from temporary accounts to permanent accounts, clearing the temporary accounts for the next period.
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