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A corporation that exists in fact,though it has not met all of the necessary legal requirements is called a _____.
Adjusting Entries
Journal entries made at the end of an accounting period to update account balances to reflect accurate financial activity and balances.
Prepaid Items
Expenses paid in advance for goods or services to be received or used in the future, such as insurance or rent.
Accrued Expenses
Costs that have been incurred but not yet paid or documented in the accounting records during a specific accounting period.
Liability Accounts
Financial accounting records that represent the obligations or debts a company owes to others.
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