For Each Historical Identification Question, Define the Term and Briefly

question 30

Essay

For each historical identification question, define the term and briefly describe its historical significance.
Northern Renaissance

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Definitions:

Income Summary

An account used in the closing process, summarizing all revenues and expenses for a period, to transfer the net result to capital accounts.

Capital Account

A capital account is an account on a company's balance sheet that represents the equity investment of owners and shareholders.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to a permanent equity account.

General Ledger

A thorough collection of financial records that documents every financial transaction undertaken by a business.