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Adjusting Entry
A journal entry made in accounting records to correct or allocate revenues and expenses to the appropriate period.
Wages Expense
This is the total amount of wages a company pays to its employees, which is considered an expense on the income statement.
Accrued Wages
Refers to wages earned by employees but not yet paid by the employer.
Reversing Entry
An accounting entry that is made at the beginning of an accounting period to reverse or cancel out adjusting entries made at the end of the previous period.
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