Listed below are five terms followed by a list of phrases that describe or characterize each of the terms.Match each phrase with the number for the correct term.
Definitions:
Adjusting Entry
A journal entry made in the accounting records at the end of an accounting period to allocate income and expenditure to the appropriate period.
Prepaid Rent
An expense recorded before it is actually paid, representing rent payments made in advance of the period to which they relate.
Adjusting Entries
Final journal recordings at the close of an accounting spell to assign revenues and expenditures to the factual period of occurrence.
Supplies
Materials and goods used in the operation of a business, often consumable and regularly replaced.
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