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Limited partnerships issue stock.
Prepaid Rent Expense
An expense account that records payments for rent made in advance of the rental period.
Adjusting Entry
At the end of an accounting timeframe, records are made to attribute income and spending to the specific period in which they were incurred.
Accumulated Depreciation
The total sum of depreciation for a fixed asset that has been charged to expense since the asset was acquired and placed into service.
Book Value
The value of an asset as recorded on the balance sheet, calculated as the cost of the asset minus any accumulated depreciation.
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