The temporary account used only in the closing process to hold the amounts of revenues and expenses

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The temporary account used only in the closing process to hold the amounts of revenues and expenses before the net difference is added or subtracted from the owner’s capital account is called the

a. Closing account.

b. Nominal account.

c. Income Summary account.

d. Balance Column account.

e. Contra account.

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College Accounting Ch 1-14

ISBN: 9781260904314

1st Edition

Authors: John Wild, Vernon Richardson, Ken Shaw

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