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At December 31,2019,the following adjusting entries were recorded in the accounts of ABD Company.
There were no other accrued receivables or payables on ABD's books in 2019.
Calculate the balances in the following accounts immediately after the closing entries were posted.
Law of Contracts
A set of laws that govern the formation, execution, and enforcement of agreements between parties.
Bilateral
Pertaining to or involving two sides, parties, or countries, often used in the context of agreements or contracts that require obligations from both parties.
Unilateral
A mistake that is the result of an error by one party about a material fact, that is, a fact that is important in the context of the particular contract.
Offeror
An entity or person who puts forth a proposal or bid for a contract, indicating a willingness to enter into an agreement under specified terms.
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