Examlex
Match each term with the correct definition.
-Erikson
Reversing Entries
At the start of a new accounting period, entries are recorded to negate or undo the adjustments that were made at the conclusion of the prior period.
Salaries Expense
The total amount paid to employees for services rendered during a specific period, recorded as an expense on the income statement.
Accounts Payable
Money owed by a company to its suppliers or vendors for goods and services purchased on credit.
Correcting Entry
A bookkeeping record created to rectify a mistake in the financial reports.
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