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The steps in the closing process are () close Withdrawals to Owner’s Capital.

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Posting accounting transactions avoids the necessity of journalizing transactions.()

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The accounting process that begins with analyzing and journalizing transactions and ends with the post-closing trial balance is called the (). Hints: every first letter should be in lower case.

On the work sheet, net income is entered in the Income Statement Credit column as well as the Balance Sheet or Statement of Owner’s Equity Debit column.()

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