Examlex
Identify the letter of the choice that best matches the function.
-103,200
Income Summary
An account to which all revenues and expenses are transferred, to summarize the income or loss for a reporting period before transferring the balance to retained earnings or capital accounts.
Unearned Revenue
Unearned revenue represents money received by an entity for a service or product that has yet to be provided or delivered. It is recorded as a liability on the balance sheet.
Capital Account
An account showing the net worth of a business at a specific point in time, reflecting owners' equity and investments.
Adjusted Trial Balance
A list of all accounts and their balances after adjustments, used to prepare financial statements.
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