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A farmer finds that when he produces more corn,he also has more cornstalks that he can sell as decorations.To the farmer,corn and cornstalks are:
Asset Accounts
Accounts on a company's balance sheet that represent valuable resources controlled by the company and that have future economic value.
Liability Accounts
Accounts on a company's balance sheet that represent what the company owes to others, such as loans, accounts payable, mortgages, and accrued expenses.
Journal Entries
The recording of financial transactions into the accounting records, specifying the accounts affected by those transactions.
Standard Format
A predefined layout or structure used to present data or information consistently.
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