What is the purpose of the owner capital account in the closing process? a. Owner capital is where the period's net income or loss is transferred. b. Owner capital is used as a temporary account. c. Owner capital is used to verify that net income or loss is reported correctly. d. Owner capital is a clearing account used to zero out all real accounts.
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Home » Business » What is the purpose of the owner capital account in the closing process? a. Owner capital is where the period's net income or loss is transferred. b. Owner capital is used as a temporary account. c.