As the accounting manager for several Homemade Fresh Ice Cream stores in your region, you oversee the preparation of endof-period financial statements. Before you complete your end-of-period reports, you need your staff to verify their work sheets and trial balances. Write a memorandum to the staff to remind them to verify their data, make adjustments where needed, give beginning and ending inventory figures, and complete a physical inventory. In the body of your memorandum, provide a brief definition of each term. 

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adjusting entries adjustment beginning inventory ending inventory physical inventory prepaid expense