Examlex
How many minutes are in a 365-day year? (Assume exactly 24 hours in a day.)
Unused Supplies
Supplies that have been purchased but not yet used in the operation of a business.
Prepaid Insurance
An asset account on the balance sheet that represents a payment made for insurance services that have not yet been received or used up within the period of the insurance contract.
Accrued Fees
Fees that have been incurred but not yet paid or recorded by the entity.
Adjusting Entry
A journal entry made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
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