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Prepare a journal entry on October 12 for the fees earned on account, $14,600. Omit explanation.
TR
Total Revenue, which is the total income generated from the sale of goods or services.
TC
Total cost, which is the sum of all costs incurred by a firm in the production of goods or services.
Economic Profit
The variance between sales income and the alternative costs of the inputs needed.
Economic Profits
The difference between total revenue and total explicit and implicit costs.
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