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A population of hummingbirds with a variety of beak sizes finds a new food source in a plant that has a long trumpet flower with nectar at the bottom of the trumpet. Over time, these hummingbirds develop longer beaks. This is an example of
Accrued Liabilities
Liabilities that have been incurred but not yet paid or recorded at the end of the accounting period.
Accrued Receivables
Amounts owed to a business for goods or services delivered but not yet paid by the end of an accounting period.
Income Summary Account
An account used in closing to collect revenues and expenses, the balance of which shows the net income or loss for the period.
Debit Balance
A debit balance is an accounting entry that occurs on the left side of the ledger and indicates the amount of money owed or an increase in assets or expenses.
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