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Jonah tells Levi he will give him an Xbox if Levi does Jonah's chores for a month.Levi promises to do the chores.Jonah and Levi have formed a
Temporary Account
A temporary account is an account that is closed at the end of each accounting period, with its balance transferred to a permanent account.
Real Accounts
Accounts related to assets, liabilities, and equity that are not closed at the end of the accounting period.
Nominal Accounts
Accounts that are closed at the end of each accounting period, including revenue, expense, and withdrawal accounts, which are used to calculate the period's net income or loss.
Income Summary
An account in the ledger that is used to summarize the revenue and expenses of a period, facilitating the transfer of their net effect to retained earnings.
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