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What segment of society do the police and the military represent?
Closing Entries
Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts.
Contra Asset Account
An account that is used to reduce the balance of a related asset account to reflect its adjusted carrying value.
Credit Balance
The amount that a company or individual owes to creditors; in accounting, it indicates a balance on the right side of a ledger for liability, revenue, or equity accounts.
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