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Perform the indicated operations and simplify.
Closing Entries
Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts.
Accounting Period
The span of time at the end of which a company calculates its financial performance, typically a quarter or year.
Journalized
The act of recording a transaction in an accounting journal, documenting the financial activities of a business.
Retained Earnings
Represents the portion of net income that is retained by the company rather than being distributed to its owners or shareholders.
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