In Order to Satisfy the Need for Slave Labor in the Cotton

question 2

True/False

In order to satisfy the need for slave labor in the Cotton Kingdom, an estimated 1 million slaves were relocated to the Deep South from the older slave states between 1800 and 1860.

---

Definitions:

Adjusting Entry

An accounting journal entry made at the end of an accounting period to allocate income and expenditures to the appropriate period.

Fiscal Period

A specific time period used for accounting purposes and financial reporting, typically a year, broken into quarters or months.

Depreciation

The systematic allocation of the cost of a tangible asset over its useful life, reflecting wear and tear, deterioration, or obsolescence.

Adjusting Entries

Journal entries made in accounting records at the end of an accounting period to update account balances before preparing financial statements.