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Vacation Pay
Compensation for employees for time not worked due to vacation, accounted for by employers as a liability until used.
Adjusting Entries
Journal entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
Average Repair Cost
The mean cost incurred for repairing an asset over a certain period, calculated by dividing the total repair costs by the number of repairs.
FICA Taxes
Taxes imposed by the Federal Insurance Contributions Act, which fund Social Security and Medicare, split between employees and employers.
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