Closing Entries Are Designed to Transfer the End-Of-Period Balances in the Revenue

question 144

True/False

Closing entries are designed to transfer the end-of-period balances in the revenue accounts, the expense accounts, and the withdrawals account to owner's capital.

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Definitions:

Quadratus Lumborum

A muscle in the lower back that helps with the movement of the spine as well as stabilizes the pelvis.

Transversus Abdominis

A muscle layer of the anterior and lateral abdominal wall which is deep to (layered below) the internal oblique muscle.

External Abdominal Oblique

A large muscle on the outer surface of the lower abdomen that functions in rotating and bending the body.

Levator Scapulae

A muscle in the back that elevates the scapula (shoulder blade).