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Linda and her mom want to start a company selling homemade brownies to large supermarket chains. To get started, they have created an office in the apartment above their garage. Their first goal is to network their two computers together as well as establish an Internet connection. Finally, they need to purchase a new printer for creating invoices and marketing materials.
-You could call the network that they have established a(n) ____ network.
Balance Sheet
A balance sheet is a financial statement that provides a snapshot of a company's financial position at a particular date, showing assets, liabilities, and ownership equity.
Owner's Equity Statements
Financial documents that detail changes in owners’ equity accounts over a specific period due to contributions, withdrawals, and net income or loss.
Income Summary Account
An account used during the closing entry process to transfer the balances of temporary income and expense accounts to permanent accounts, such as retained earnings.
Closing Entries
Closing entries are journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, thereby preparing the accounts for the next period.
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