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Unformatted text preview: Inventory Products held for sale Prepaid expenses Expenses paid for in advance Provide future benefit Includes prepaid rent, prepaid insurance and supplies Land Common Asset Accounts Buildings Equipment Furniture and Fixtures Common Liability Accounts Accounts payable Companys promise to pay for goods or services received Notes payable Signed agreements to pay Include interest Accrued liabilities Expenses that have not been paid Include interest payable and salaries payable...
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