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The economist who rigorously proved the factor-price equalization theorem was
Adjusting Entry
An entry made in the accounts to correct or allocate income and expenses to the appropriate accounting period.
Three Months Rent
An accounting entry typically categorized as a prepaid expense, representing payment for rent before it's due.
Closing Entry
Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to a permanent equity account, thereby preparing the books for the next period.
Correct Closing Entry
Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts, thus preparing the books for the next period.
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