Examlex
Which of the following statements is not correct?
Fees Earned
Income earned from providing services, recorded as revenue in the income statement.
Correcting Entry
An entry made in accounting records to correct a previous error or adjust for discrepancies.
Journal Entry
A record in accounting that logs a transaction and shows the affected accounts in the form of debits and credits.
Debits
Accounting entries that increase assets or expenses and decrease liabilities, equity, or revenue, recorded on the left side of accounting ledgers.
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