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Intangible Assets
Non-physical assets that have value, such as intellectual property, brand recognition, and patents.
Prepaid Expenses
Payments for goods or services that will be received in the future, which are recorded as assets until they are actually used or consumed.
Adjusting Entry
A journal entry made at the end of an accounting period to align the books with the accrual basis of accounting.
Supplies Expense
Costs incurred for office or operational supplies used within a business during a specific accounting period.
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