Examlex
The local supermarket from where Tim buys the potato chips is an example of a:
Assets
Resources owned or controlled by a business, entity, or individual, which are expected to produce economic value or future benefits.
Adjusting Entry
A journal entry made in accounting records at the end of an accounting period to allocate income and expenditure to the appropriate period.
Unearned Revenue
Income received by a company for goods or services that have yet to be provided to the purchaser.
Prepaid Rent
Prepaid rent refers to rent payments made in advance for a specified period, which is recorded as an asset on the balance sheet until it is consumed or the rental period passes.
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