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Explain what occurs during the closing stage of the selling process and list the three types of close.
Employee Vacation Benefits
Employee vacation benefits refer to the paid time off provided to employees as part of their compensation package, allowing them time to rest and recharge.
Estimated Liabilities
Liabilities that are anticipated but not yet confirmed or quantified, often used in accounting for future expenses.
Estimated Bonuses
Anticipated bonus payments to employees based on performance criteria that have not yet been paid out.
Bonus Payable
A liability account on the balance sheet that represents the amount of bonuses a company owes to its employees but has not yet paid.
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