Examlex
Identify the following terms.
-Cape Guardafui
Reversing Entry
An accounting entry that effectively cancels out a previous entry, typically used at the beginning of a new accounting period to simplify record-keeping.
Collection Of The Note
The process of receiving the payment due from the issuer as specified in the note payable.
Deposits In Transit
Funds that have been transferred or deposited by a company but not yet reflected in the bank's records.
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