Examlex
List three of the primitives in the pseudocode developed in this chapter.
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Owner's Drawings Account
An account that tracks the funds withdrawn by the owner from the company for personal use.
Closing Entry
Journal entries used to transfer temporary account balances to permanent accounts and to reset the balances of temporary accounts to zero at the end of each accounting period.
Revenue Accounts
Accounts used to record the income generated from a company’s core operating activities.
Expense Accounts
These are ledgers that track the costs incurred by a business during its operations, excluding the purchase of inventory.
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