MUST BE 6+ SENTENCES DO NOT COMMENT ON GRAMMAR ERRORS STAY ON TOPIC AND BE POSITIVE ( 2 SEPDCWS,ERATE REVIEWS)

To update the balance in the owner's capital account, accountants close revenue, expense, and drawing accounts at the end of each fiscal year or, occasionally, at the end of each accounting period. For this reason, these types of accounts are called temporary or nominal accounts. Assets, liabilities, and the owner's capital account, in contrast, are called permanent or real accounts because their ending balance in one accounting period is always the starting balance in the subsequent accounting period. When an accountant closes an account, the account balance returns to zero. Starting with zero balances in the temporary accounts each year makes it easier to track revenues, expenses, and withdrawals and to compare them from one year to the next. There are four closing entries, which transfer all temporary account balances to the owner's capital account.

1. Close the income statement accounts with credit balances (commonly revenue accounts) to a particular temporary account named income summary.
2. Close the income statement accounts with debit balances (normally expense accounts) to the income summary account. After all revenue and expense account close, the income summary account's balance equals the company's net income or loss for the period.
3. Close income summary to the owner's capital account or, in corporations, to the retained earnings account. The purpose of the income summary account is mere to keep the permanent owner's capital, or retained earnings account uncluttered.
4. Close the owner's drawing account to the owner's capital account. In corporations, this entry closes any dividend accounts to the retained earnings account.

Brandon Picotte

MUST BE 6+ SENTENCES DO NOT COMMENT ON GRAMMAR ERRORS STAY ON TOPIC AND BE POSITIVE (2 SEPERATE REVIEWS)

The social group that have influence me the most is family. The reason why I chose family as the social group that influence me the most is because, family have been an intricate part of my upbringing. Family , as a child was inspired to be the second most important part of my life. They sculpt me to become the woman that I am today. Every, family member, in some way have an positive effect on my way of socializing, dressing, talking and even going back to college. Family are the ones whom we consider our friends first and foremost before we interact with other members of society outside of the family. My village consisted of a big family, and it continue to grow with the intertwining of my immediate family and newly acquired family that occurred with my marriage. I have ascertained so much knowledge, speaking and interacting with each and every family friend I encounter,