Examlex
For each of the following accounts indicate (a) the type of account (Asset, Liability, Stockholders' Equity, Revenue, and Expense), (b) the debit and credit effects, and (c) the normal account balance.
Bailor
A bailor is someone who temporarily hands over control of property to another, known as the bailee, but retains its ownership.
Bailee
A person or entity that temporarily holds property belonging to another under a bailment agreement, often with a duty to care for it.
Personal Property
Any property that is not land or permanently affixed to the land.
Bailment Relationships
Legal relationships arising when one party (the bailor) temporarily hands over control, but not ownership, of a property to another (the bailee) under an agreement.
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