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Analysis of preferred stock uses
Income Summary
An accounting tool used to aggregate all income and expense accounts to determine net income or loss for a period.
Revenue
Income that a company receives from its normal business activities, usually from the sale of goods and services to customers.
Closing Entries
Closing entries are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby resetting the temporary accounts for the next period.
Withdrawal Account
An account that tracks the money taken out of a business by its owners for personal use.
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