Examlex
Which of the following statements is true?
Adjusting Entry
A journal entry made at the end of an accounting period to allocate income and expenditure to the correct period.
Unused Supplies
Items that have been bought for operational use but remain unutilized or untouched within the storage or office space.
Prepaid Items
Expenses paid in advance and recorded as assets until they are used or consumed.
Expense Accounts
Accounts used in accounting to track money spent or costs incurred in a company's operations to generate revenue, typically categorized by the nature of the expenses.
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