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If the terms of the buyer's purchase order and the supplier's acceptance or acknowledgement conflict, all of the terms of both the purchase order and the acceptance become part of the resulting contract including the conflicting terms and conditions.
Service Revenue
Income earned by a company for the services it provides to its customers.
Accounts Receivable
Money owed to a business by its clients for goods or services that have been delivered but not yet paid for.
Closing Entries
These are journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts and prepare the company's books for the next period.
Permanent Accounts
These are balance sheet accounts whose balances are carried over to the next accounting period, such as assets, liabilities, and equity accounts.
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