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Find the least common denominator (LCD) .
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Adjusting Journal Entries
Entries made at the end of an accounting period to update the accounts and ensure accurate financial reporting.
Financial Statements
Documents that provide an overview of a company's financial condition, including balance sheets, income statements, and cash flow statements.
Withdrawals Account
An account used to record the amounts withdrawn by the owner from the business for personal use.
Income Summary
An account used during the closing process that summarizes the revenues and expenses of an accounting period to calculate the net income or loss.
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