Month: October 2021

A temporary account to which the income statement accounts https://www.magi.by/item456.html are closed. This account is then closed to the owner’s capital account or a corporation’s retained earnings account. This and other summary accounts can be thought of as a clearing account. A temporary account used in the periodic inventory system to record the purchases of […]

Debits And Credits

A temporary account to which the income statement accounts https://www.magi.by/item456.html are closed. This account is then closed to the owner’s capital account or a corporation’s retained...

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