Examlex
Which of the following is NOT true?
Adjusting Entry
An accounting entry made in the general ledger at the end of an accounting period to update accounts so they reflect the accrual basis of accounting.
Services Performed
The execution of tasks or provision of work done for clients or customers as part of business operations.
Supplies Expense
Costs recorded as an expense when supplies are used up in the normal course of doing business, not when they are purchased.
Owner's Equity
The residual interest in the assets of an entity after deducting liabilities, representing the capital belonging to the owners.
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