Examlex
An overstatement of opening inventory will result in an understatement of Cost of Goods Sold and therefore an overstatement of the current period's earnings.
Adjusting Entry
A record created at the conclusion of a financial period to distribute revenues and expenses to the timeframe they were truly incurred.
Supplies Expense
Costs incurred from the purchase of supplies that are used within the operation of a business.
Credit
An accounting entry that decreases assets or increases liabilities and equity on the company's balance sheet, or in the context of banking, the provision of funds or resources to a recipient.
Prepaid Expenses
Costs paid in advance for goods or services that will be used or consumed over time, recorded as assets on the balance sheet.
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