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Two technicians are discussing parking brakes. Technician A says that a parking brake can be used to stop a vehicle rather than using the brake pedal. Technician B says that the parking brake is only meant to hold a vehicle stationary after the vehicle is stopped by the main braking system. Who is correct?
Legal Fees Earned
Income recognized by law firms or attorneys for the provision of legal services.
Unearned Rent
Revenue received by a landlord for rent that has not yet been earned because the time period the rent covers has not yet passed.
Rent Revenue
Income earned from leasing out properties or real estate to tenants.
Adjusting Entries
Adjusting entries are journal entries made at the end of an accounting period to update the accounts and ensure they reflect the true financial status of a company.
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