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In its purest form, social reaction theory argues that even such crimes as murder, sexual assault, and theft are only bad because people label them that way.
Income Summary
An account in which the revenues and expenses are transferred at the end of an accounting period to determine the net income or loss.
Owner's Capital
The amount of money and other assets invested in a business by its owner or owners.
Owner's Drawings
The withdrawal of business assets by the owner for personal use.
Closing Entries
Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts in preparation for the new accounting period.
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