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Choose the one alternative that best completes the statement or answers the question.
Solve the equation.
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Adjusting Entry
Journal entries made in accounting records at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.
Inventory of Supplies
The total value of supplies held by a company that are yet to be used in production or sold.
Supplies Account
An account used to track the cost of supplies used by a business during an accounting period.
Adjusting Entries
Journal entries made at the end of an accounting period to allocate income and expenditure to the correct accounting periods, ensuring the financial statements are in accordance with the accrual basis of accounting.
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