Examlex
Name the property illustrated by the statement.
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Supplies Expense
An expense account that records the cost of consumable items used during an accounting period, such as office supplies.
Purchases
Transactions where goods or services are exchanged for money, typically recorded in the accounting period in which they occur.
Income Summary Account
An income summary account is an account used in the closing process that temporarily holds the balances of all income and expense accounts before transferring the net result to capital or retained earnings.
Net Loss
The amount by which company expenses exceed its revenues over a specified period, indicating a loss in financial performance.
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