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Why do the heart valves open and close?
Accrued Expenses
Expenses that have been incurred but not yet paid or recorded in the accounting period they relate to.
Insurance Expense
The cost incurred by a company to insure its assets and operations.
Adjusting Entry
Recording entries in journals at an accounting period's end to distribute income and expenses to the actual period of occurrence.
Prepaid Insurance
Refers to payments made in advance for insurance coverage, recognized as an asset on the balance sheet until the coverage period lapses.
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