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Closing Entries
Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, preparing the books for the next period.
Depreciation Expense
This is an accounting method used to allocate the cost of a tangible asset over its useful life.
Salaries and Wages Expense
The total cost incurred by an employer for employee compensation, including both salaries and hourly wages.
Temporary Account
An account that is closed at the end of each accounting period and its balances transferred to permanent accounts; examples include revenues, expenses, and dividends accounts.
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