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Utilities Expense
Costs incurred by a business for basic utilities, such as electricity, water, and gas, necessary for operations.
Adjusting Entry
An accounting journal entry made at the end of an accounting period to update the accounts for accruals and deferrals that have not been recorded during the period.
Accounts Payable
This term signifies the amount of money a company owes to its suppliers or vendors for goods or services received but not yet paid for.
Accrue Expense
An accounting method where expenses are recognized when incurred but not yet paid, reflecting the economic reality of the expense.
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