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If a firm actually sells its accounts receivable, the process is known as:
Opening Balance Equity
An account used in accounting software to offset discrepancies when establishing opening balances during the initial setup of the financial records.
Accounts Receivable
Money owed to a business by its customers for goods or services delivered but not yet paid for, considered an asset on the balance sheet.
Supplies On Hand
The inventory of materials and goods currently available in a business for use or sale.
Adjustment
A process of altering financial records or accounts to correct any discrepancies or errors.
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