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Real property consists of land, and does not include anything attached to it.
Income Summary
An account used in closing entries to summarize revenues and expenses for a specific accounting period before transferring the net income to retained earnings.
Reversing Entries
Accounting entries made at the beginning of a new period to negate the effects of adjustments made at the end of the previous period.
Accrued Wages
Wages that have been earned by employees but have not yet been paid by the end of the accounting period.
Wages Payable
Liabilities representing the amounts owed to employees for work performed but not yet paid.
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