The Final Closing Entry Transfers the Balance of the ________

question 31

Short Answer

The final closing entry transfers the balance of the ________ account to the owner's capital account.

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Definitions:

Bankruptcy Court

A specialized court that deals with cases involving bankruptcy filings and related proceedings.

Final Settlement

The last payment in an agreement, settling all outstanding balances and obligations.

Section 179

A provision in the U.S. tax code that allows businesses to deduct the full purchase price of qualifying equipment and/or software within the tax year it was purchased.

Maximum Deduction

The highest amount that can be subtracted from taxable income, as allowed by tax laws.