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Solve the triangle.
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Contra Account
A contra account is an account used in the general ledger to reduce the value of a related account when the two are netted together.
Accumulated Depreciation
The total amount of a company's asset value that has been allocated as depreciation expense since the asset was put into use.
Closing Entries
Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thus preparing the books for the next period.
Income Summary
An account used in the closing process that summarizes revenues and expenses for a period, transferring the net amount to retained earnings.
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