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When Lena went to buy walking shorts, she first noticed the store had three racks of shorts. Then, she noticed all the shorts on one rack were $14.99, all the shorts on the second rack were priced at $19.99, and all the shorts on the third rack were priced at $24.99. What type of merchandise presentation did Lena see?
Owner's Capital
The total assets contributed by the owner of a company plus the retained earnings minus withdrawals made by the owner.
Journalize Closing Entries
The process of recording year-end closing entries in the journal to prepare the accounts for the next fiscal period.
Adjusting Entries
Entries made in the accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
Post-Closing Trial Balance
A listing of all company account balances after end-of-period adjustments and closing entries have been made, used to check the balance of debits and credits.
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