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What was the First International, and why was it significant?
Beginning Inventory
The worth of products that are ready for sale at the beginning of a financial period.
Merchandise Inventory
The goods a retail or wholesale company intends to sell to customers for a profit.
Income Summary
The Income Summary is an account in the ledger that aggregates all revenues and expenses for a period, transferring the net result to owner's equity.
Permanent Accounts
Accounts that carry their ending balances over to the next accounting period. Examples include assets, liabilities, and equity accounts.
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