The financial statement that reports assets, liabilities, and owner's equity as of the last day of the period is called the ________.

Group of answer choices

income statement

statement of owner's equity

balance sheet

unadjusted trial balance

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Which of the following accounts has an ending balance equal to net income immediately before it is closed?

Group of answer choices

Net Income

Income Summary

Owner, Capital

Owner, Withdrawals

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The Accounts Receivable account is a permanent account.

Group of answer choices

True

False

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