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Identify and explain six guidelines for using handouts effectively.
Adjusting Entries
Journal entries made at the end of an accounting period to update accounts for accuracies in preparation for financial reporting.
Closing Entries
Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent ones.
End-Of-Period Spreadsheet
A document used in accounting to compile all balance sheet and income statement accounts at the end of a reporting period.
Net Income
The total profit of a company after all expenses, taxes, and costs have been deducted from total revenue.
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