Final bookkeeping entries posted at the end of an accounting period for reducing all nominal, temporary accounts to zero. Balances of these accounts are moved to the income summary account, and drawings are moved to the owners’ capital account.
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Final bookkeeping entries posted at the end of an accounting period for reducing all nominal, temporary accounts to zero. Balances of these accounts are moved to the income summary account, and drawings are moved to the owners’ capital account.
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