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Describe how a hard disk is partitioned.
Prepaid Account
An account reflecting payments made in advance for goods or services, which are recognized as expenses when the goods or services are actually consumed.
Accounts Payable
Short-term liabilities representing amounts owed to suppliers or creditors for goods and services received but not yet paid for.
Trial Balance
A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to check the accuracy of the entries.
Journal Entry
A record in accounting that represents a transaction, documenting the debit and credits affected by it.
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