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Give an example of a numbering system for a chart of accounts.
Corporations
Legal entities that are separate and distinct from their owners, established to conduct business, earn profit, and be endowed with legal rights.
Adjusting Entries
Journal entries made at the end of an accounting period to update accounts for accruals and deferrals not yet recorded through daily transactions.
Closing Entries
Entries made at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner’s equity account, Owner’s Capital.
Correcting Entries
Entries to correct errors made in recording transactions.
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