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Owner's Drawings
Funds taken out of a business by the owner in a sole proprietorship or partnership for individual purposes.
Capital Account
An account showing the net worth of a business at a specific point in time, comprised of the owner's equity, investments, and retained earnings.
Correcting Entry
A journal entry made to amend a previously recorded incorrect transaction in the financial records.
Accounts Receivable
Refers to the money owed to a company by its customers for goods or services sold on credit.
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