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Neurons in a newborn's brain:
Cost of Goods Sold
Financial expenditures directly associated with producing the merchandise a company sells, involving costs of materials and labor.
Adjusting Entry
A journal entry made at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.
Unadjusted Trial Balance
A list of all the accounts and their balances from the general ledger before any adjusting entries are made.
Gross Profit
The difference between sales and the cost of goods sold.
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