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Which of the following is true of the soldiers who fought for American independence?
Adjusting Journal Entry
An entry made in the books at the end of an accounting period to allocate income and expenditure to the correct period.
Accounting Equation
The foundational equation in accounting represented as Assets = Liabilities + Equity, illustrating the structure of a balance sheet.
Net Income
The total revenue of a company minus its expenses, taxes, and costs, representing the company's profit.
Adjustment
A financial transaction that corrects or updates the accounting records, often made at the end of an accounting period to ensure accuracy.
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