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What are some of the key points to note in the body of the message?
Prepaid Rent
Prepaid Rent represents payments made in advance for rent, which is recorded as an asset on the balance sheet and expensed over time as it is used.
Utilities Expense
Costs incurred by a business for basic services such as electricity, gas, water, and sewerage, recognized in the accounting period in which they are incurred.
Sales Revenue
The total amount of money generated from selling goods or services before any costs or expenses are deducted.
Calendar-Year
A one-year period that begins on January 1 and ends on December 31, used for financial and tax reporting purposes.
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