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Why are vitamins and minerals sometimes called micronutrients?
Prepaid Rent
It represents payments made for rent before the rental period has occurred, classified as a current asset on the balance sheet.
Adjusting Entry
Journal entries made at the end of an accounting period to update accounts for accruals and deferrals not captured in daily transactions.
Rent Expense
The cost incurred by a company for utilizing a property or equipment for business operations, typically recognized over the period the property is used.
Depreciation Expense
The allocated expense of a tangible asset over its useful life, reflecting its consumption, wear, and tear.
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