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A barrel of oil can be used to produce both gasoline and asphalt. If the price of gasoline falls, the supply of asphalt ________ and asphalt prices ________.
Unearned Revenue
Income received by a company for goods or services that have yet to be delivered or performed, also known as deferred revenue.
Normal Balance
The side (debit or credit) of an account that is typically increased. For example, assets and expenses usually have a debit normal balance, while liabilities, equity, and revenue have a credit normal balance.
Adjusting Journal Entry
A record made in the books to correct or update financial statements prior to issuing them, ensuring they reflect true values.
Fees Earned
Revenue generated from providing services, as opposed to selling goods, in a given period.
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