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Which of the following is the last step in the selling process?
Prepayment
The act of paying for a good, service, or expense in advance before receiving or incurring it.
Adjusting Entry
A journal entry made at the end of an accounting period to allocate revenues and expenses to the period in which they actually occurred.
Economic Entity Assumption
An assumption that requires that the activities of the entity be kept separate and distinct from the activities of its owner and all other economic entities.
Economic Events
Activities or occurrences that have a significant financial impact on the businesses or the economy as a whole.
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