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Which fundamental step can be found in the mechanism for the following reaction?
Financial Statements
Documents that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement.
Journalized
The process of recording transactions in a journal before they are posted to the general ledger in accounting.
Income Summary Account
A temporary account used in the closing process that aggregates all income and expense accounts to determine net income or loss for a period.
Permanent Account
An account in the general ledger that carries its ending balance over to the next accounting period, such as assets, liabilities, and equity accounts.
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