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Deferred Revenue
Income received by a company for goods or services yet to be delivered or performed, recognized as a liability on the balance sheet.
Utilities Expense
Utilities expense refers to the cost incurred by a business for the consumption of utility services such as electricity, water, and gas.
Accounts Payable
Liabilities or amounts owed by a company to creditors for goods and services that have been purchased on credit but not yet paid for.
Journal
A chronological record where financial transactions are initially recorded using the double-entry accounting system before being transferred to accounts in the ledger.
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