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Wages that are higher than equilibrium can lead to
Depreciation Expense
The systematic allocation of the cost of a tangible asset over its useful life, reflecting the loss of value over time.
Notes Payable
Financial obligations or loans evidenced by promissory notes, to be repaid to the creditor at future dates.
Prepaid Insurance
An asset account on the balance sheet representing insurance payments made in advance for future coverage periods.
Adjusting Entry
An accounting record made at the end of an accounting period to allocate income and expenditure to the appropriate period.
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