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Worksheet
An informal document used by accountants to prepare adjusting journal entries and to support the preparation of financial statements.
Beginning Inventory
The market value of products prepared for sale at the initiation of a bookkeeping period.
Merchandise Inventory
Goods or products that a company holds for the purpose of resale to customers, recorded as a current asset on the balance sheet.
Income Summary
is an account that aggregates all revenue and expenses during an accounting period, used to transfer the net income (or loss) to the capital account.
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