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Salaries of $6,400 are paid for a five-day week on Friday. Prepare the adjusting journal entry that is required if the month ends on Thursday.
Disbursements
The act of paying out money, especially from a fund or account, for a specific purpose.
Single-entry Accounting
A simplified accounting method where transactions are recorded with a single entry, typically used by small businesses for tracking income and expenses.
Common-size Statements
Financial statements that present all items as percentages of a common base figure, facilitating comparison between periods or among companies.
Separate Checkbooks
The practice of using different checkbooks for business and personal transactions to ensure accurate financial management.
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