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Define social overhead capital.
Salaries Payable
An account reflecting the debts to workers for performed but unpaid work.
Closing Entry
Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, ultimately resetting the balances of temporary accounts to zero.
Income Summary
An account used in the closing process that summarizes the results of operations by collecting all revenue and expense account balances before determining the net income or loss.
Retained Earnings
The cumulative amount of profits that have been reinvested in the business rather than distributed to shareholders as dividends.
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