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If the price level rose in three consecutive years from 100 to 120 to 140,then the annual inflation rate over those years would
Unearned Fees
Income received by a company for goods or services yet to be provided or delivered, recorded as a liability on the balance sheet until earned.
Adjusting Entry
A financial record created during the closing of an accounting cycle to appropriately distribute revenues and expenses to their respective periods.
Journalize
The process of recording transactions in a company's journal, detailing the financial activities and their impact on accounts.
Depreciation
The systematic allocation of the cost of a tangible asset over its useful life, reflecting wear and tear or obsolescence.
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