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Figure 31-4
Use the figure to answer the corresponding question(s) .
-Annelids:
Final Entries
The journal entries recorded at the end of an accounting period to prepare accounts for the next period or for the preparation of financial statements.
Temporary Accounts
Accounts used to collect information during a specific accounting period and are closed at its end, such as revenues, expenses, and dividends accounts.
Journalizing
The process of recording a transaction in a journal.
Adjustments
Corrections made to financial records and accounts to accurately reflect income and expenses for a period.
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