The third closing entry is to close Owner's Capital to the Owner's Withdrawals account.
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Q42: A worksheet can be helpful in showing
Q42: A post-closing trial balance is a list
Q44: Reversing entries are recorded in response to
Q44: On a work sheet, the adjusted balances
Q47: The Income Summary account is used to
Q47: Since it is an important financial statement,
Q48: After posting the entries to close all
Q49: Adjusting entries are normally entered in the
Q55: An expense account is normally closed by
Q57: Reversing entries are optional.
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