After All Closing Entries Have Been Journalized and Posted the Final

question 65

Short Answer

After all closing entries have been journalized and posted the final step in the accounting cycle is to prepare a ______________ trial balance.

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Definitions:

Ordinary Income

Income earned through wages, salaries, commissions, and interest, which is taxed at standard federal income tax rates.

Dividend Income

Money paid to shareholders out of a corporation's profits.

Current Distribution

This refers to the disbursement of a fund's or company’s earnings to its shareholders or partners.

Personal-Use Asset

An asset primarily used for personal enjoyment or living purposes, not for business or investment.