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Which of the following shows in schematic form how a product is assembled?
Closing Entries
Closing entries are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby resetting the temporary accounts for the next period.
Withdrawal Account
An account that tracks the money taken out of a business by its owners for personal use.
Capital
Represents the financial resources used by a business to fund its operations and growth, often in the form of money, assets, or equity.
Income Summary
An account to which the revenues and expenses are transferred in order to close the books and transfer the net balance to owner’s equity.
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