ADJUSTING ENTRIES Definition

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ADJUSTING ENTRIES are special accounting entries that must be made when you close the books at the end of an accounting period. Adjusting entries are necessary to update your accounts for items that are not recorded in your daily transactions.

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LEAD SCHEDULE, in accounting, is a working paper with columnar headings similar to those in a working trial balance, set up to combine similar ledger accounts the total of which appears in the working trial balance as a single amount.

FEDERAL FUNDS are reserve balances that depository institu­tions lend each other, usually on an overnight basis. In addition, federal funds include certain other kinds of borrowings by depository institutions from each other and from federal agencies.

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