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A temporary account used to account for owner withdrawals.		Share capitalClosing entriesCorrecting entriesIncome summaryDrawingsReversing entryPermanent accountsWork sheetCurrent assetsNon-current liabilities
Balance sheet accounts whose balances are carried forward to the next period.		Closing entriesWork sheetDrawingsCurrent assetsPermanent accountsNon-current liabilitiesReversing entryIncome summaryShare capitalCorrecting entries
A temporary account used to close revenues and expenses.		Work sheetCurrent assetsDrawingsPermanent accountsReversing entryCorrecting entriesShare capitalIncome summaryNon-current liabilitiesClosing entries
Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner's equity account.		DrawingsWork sheetReversing entryCorrecting entriesNon-current liabilitiesClosing entriesCurrent assetsIncome summaryShare capitalPermanent accounts
Entries to correct errors made in recording transactions.		DrawingsCurrent assetsWork sheetNon-current liabilitiesShare capitalClosing entriesPermanent accountsIncome summaryCorrecting entriesReversing entry
Obligations expected to be paid after one year.		Current assetsWork sheetDrawingsPermanent accountsIncome summaryReversing entryClosing entriesNon-current liabilitiesCorrecting entriesShare capital
Resources that are expected to be realized in cash, sold, or consumed within one year of the balance sheet.		Reversing entryIncome summaryDrawingsCurrent assetsWork sheetClosing entriesNon-current liabilitiesShare capitalPermanent accountsCorrecting entries
An optional tool that facilitates the preparation of financial statements.		Permanent accountsShare capitalCurrent assetsClosing entriesWork sheetReversing entryNon-current liabilitiesIncome summaryCorrecting entriesDrawings
The exact opposite of an adjusting entry made in a previous period.		Income summaryShare capitalDrawingsPermanent accountsNon-current liabilitiesClosing entriesWork sheetCurrent assetsReversing entryCorrecting entries
Investments by all of the shareholders. these are the values drawings current asset work sheet non-current liabilities share capital closing entries permanent account income summary correcting entries reversing entry

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