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As a child grows in height from infancy to preschool, his or her vocabulary also increases.This is a positive correlation.Explain why this correlation does NOT show causation.
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.
Adjusting Entry
Journal entries made in accounting records at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.
Inventory of Supplies
The total value of supplies held by a company that are yet to be used in production or sold.
Supplies Account
An account used to track the cost of supplies used by a business during an accounting period.
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