The ____________________ Key Prevents Duplicate Entries

question 3

Short Answer

The ____________________ key prevents duplicate entries.

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Definitions:

Owner's Capital Account

An equity account on a company's balance sheet representing the owner's invested funds plus the net income minus the withdrawals by the owner.

Closing Entries

A set of journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.

Revenue Account

An account that tracks the income earned by a company, including sales revenue, services revenue, and interest income.

Adjusted Balances

Balances reported in financial statements that have been modified for any adjustments, like accruals or prepayments, to reflect true values.