Adjusting Journal Entries Flashcards by Michael Agwu | Brainscape

Q

What are journal entries?

A

Records of financial transactions

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Q

What does depreciation mean?

A

Depreciation is an asset losing its economic value over time

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Q

What are the 5 types of adjustments?

A

Prepaid expenses
Accrued revenue
Accrued expenses
Unearned revenue
Depreciation

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