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When negotiating,it is important to:
Reversing Entries
Journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries made at the end of the previous period.
Accrued Liabilities
Liabilities that have been incurred but not yet paid or recorded at the end of the accounting period.
Accrued Receivables
Amounts owed to a business for goods or services delivered but not yet paid by the end of an accounting period.
Income Summary Account
An account used in closing to collect revenues and expenses, the balance of which shows the net income or loss for the period.
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