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What causes the pair of tidal bulges?
Adjusting Entry
A journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate period for a more accurate financial statement.
Income Statement
A financial statement that reports a company's financial performance over a specific accounting period, detailing revenues, expenses, and profits or losses.
Prepaid Rent
An asset account that represents rent payments made in advance of the rental period.
Rent Expense
The cost incurred by renting property or equipment for business or personal use, typically recognized in accounting over the rental period.
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