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After shaping ground beef into patties on a cutting board, a cook plans on cutting chicken into strips for the nightly special. The correct action is to:
Compound Entry
A type of journal entry in accounting that involves more than two accounts, with multiple debits, credits, or both.
Journalizing
The process of recording business transactions in the journal of accounting as part of the double-entry bookkeeping system.
Simple Entry
A journal entry that involves only two accounts.
Chart of Accounts
An organized list of all the accounts in a company’s general ledger used for recording financial transactions.
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