In 1682, with the Arrival of William Penn, Pennsylvania Adopted

question 4

Short Answer

In 1682, with the arrival of William Penn, Pennsylvania adopted the " ," which was based on humane
Quaker principles and emphasized hard labor in a house of correction as punishment for most crimes.

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Definitions:

Current Asset Account

An account on the balance sheet representing the value of assets that are expected to be converted into cash, sold, or consumed within a year or the operating cycle, whichever is longer.

Inventory Returns Estimated

An accounting estimate of the goods that will be returned by customers and subtracted from sales revenue.

Period-End Adjusting Entry

Journal entries made at the end of an accounting period to update the balances of certain accounts and ensure compliance with the accrual basis of accounting.

Revenue Recognition Rules

Accounting principles that determine when and how revenue is recognized in the financial statements.