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Barry, now in middle age, has started keeping different colors of note pads on his kitchen bar. Each color represents a different set of tasks. Things to get at the grocery store go on the green pad, while items to take to work go on the yellow pad. He is:
Adjusted Trial Balance
A list of all ledger accounts and their final balances after adjustments have been made, used as the basis for preparing financial statements.
End-Of-Period Spreadsheet
A tool used in accounting to compile all account balances at the period's end, aiding in the preparation of financial statements.
Salaries Expense
The total amount paid to employees for services rendered over a specific period, recorded as an expense in financial accounting.
Reversing Entries
Journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries made at the end of the previous accounting period.
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