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Expense Account
A ledger account that records transactions related to costs incurred by a business in the process of earning revenue.
Adjusting Entry
An accounting record made at the close of an accounting period that assigns income and expenses to the correct period.
Accumulated Depreciation
The total amount of depreciation that has been recorded for an asset up to a specific point in time, reflecting its use and wear over time.
Office Equipment
Tangible items used in an office environment for operations, including computers, printers, and furniture, often subject to depreciation.
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