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What is a collaborative website that allows users to add, remove, and change content?
Income Summary
An account used in the closing process in accounting to gather all revenues and expenses for a period before transferring the net result to the capital account.
Net Income
The total earnings of a company after all expenses and taxes have been deducted from revenue.
Expenses Closed
The process at the end of an accounting period where expense accounts are closed and their balances transferred to a summary account.
Owner's Capital
The amount of equity a business owner has invested in their firm or the net assets belonging to the owner.
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