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Columbus' explorations symbolized the beginning of the era of __________,which only diminished after World War II.
Closing Journal Entries
Entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare for the next period.
Revenue In Advance
Income received by a company for goods or services that are to be provided in the future, also known as deferred revenue.
Liability Account
An account on the balance sheet representing amounts owed to creditors or other parties, typically categorized as current or long-term.
Adjusting Entry
A journal entry made in accounting records to correct or allocate revenues and expenses to the appropriate period.
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