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The accountant of Ovenly Inc. failed to make an adjusting entry to record $6,000 of unearned service revenue that has now been earned. Assume the unearned revenue was initially recorded as a liability. Which of the following statements is true?
Face Value
The nominal or dollar value printed on a security or financial instrument, such as a bond or stock.
Amortization
The gradual reduction of a debt over a period of time through regular payments that cover parts of both principal and interest.
Interest Expense
The cost incurred by an entity for borrowed funds, reflected as a charge against earnings.
Installment Payments
Periodic payments made over a set period of time to pay off a loan or purchase.
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