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The perfectly rational characteristics embodied in Economic Persons exist in many decision makers.
Closing Entries
Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent ones, thereby preparing the books for the next period.
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.
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