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What is a chain of command?
Debits
An accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet or in its income statement.
Credits
An accounting entry that either increases liabilities and equity or decreases assets, reflective of the dual-entry bookkeeping system.
Rental Receipts
Income received from renting out property or equipment.
Unearned Revenue
Refers to payments received for products or services yet to be fulfilled, a liability on the balance sheet until delivery of service or product.
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