The effect of drawing transactions on the capital account is formalized at any time during the accounting period.
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Q22: Closing entries are made in the journal
Q23: A post-closing trial balance is used to
Q24: Obligations that need not be paid for
Q25: After posting the adjusting entries,the balance of
Q26: Assets,liabilities,and the owner's capital account are closed
Q28: To close the drawing account with a
Q29: The three types of business activities are
Q30: Adjusting entries are recorded and posted after
Q31: A balance sheet that classifies (or groups)items
Q32: Revenue and expense account are permanent accounts.
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