Examlex
_____________ theory contends that the mechanism for transmitting delinquent behavior is communication within peer groups.
Closing Entries
Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts and prepare the company's books for the next period.
Income Summary
A temporary account used in closing process to summarize the results of a period's revenues and expenses.
Adjusting Entry
Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
Closing Entry
An accounting action that transfers the balances from temporary accounts to permanent ones at the end of an accounting period.
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