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Though Charlemagne was a man of tremendous contradictions, he attempted to implement a unifying vision of
Year-End Closing Entries
Journal entries made at the end of an accounting period to prepare the accounts for the next period by clearing out revenues and expenses to the income summary.
Owner's Drawings
The withdrawal of business assets by the owner for personal use, which reduces the equity of the owner in the business.
Gross Profit
The difference between revenue and the cost of goods sold before accounting for certain expenses.
Operating Expenses
Regular costs associated with operating a business, such as rent, utilities, and payroll.
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