Examlex
Write the word or phrase that best completes each statement or answers the question.
-Explain what is wrong with the statement below.
It's amazing that someone won the $100,000 prize in the lottery tonight. The probability of
winning $100,000 is only 0.000000512.
Adjusting Entry
A journal entry made in accounting records to update the balances of accounts at the end of an accounting period.
Interest Accrued
Interest that has been earned but not yet paid or received, typically recorded as an asset or expense depending on context.
Adjusting Entry
a journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate period for accurate financial reporting.
Interest Receivable
Interest Receivable refers to the interest income that has been earned but not yet received in cash.
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