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Equipment
Tangible assets used in the operation of a business, but not intended for resale.
Prepaid Rent Expense
An asset account that represents payments made for rent in advance of the rental period, which will be expensed over time as the rental period occurs.
Assets
Resources owned or controlled by a business, expected to produce future economic benefits.
Expenses
Costs incurred in the process of earning revenue; examples include rent, utilities, and salaries.
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