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the circuit shown below, let
Unearned Consulting Fees
Money received for consulting services that have not yet been provided, representing a liability until the service is performed.
Normal Balance
The side (debit or credit) of an account that is typically increased, reflecting a fundamental principle in accounting.
Liability
A company's legal financial debts or obligations that arise during the course of business operations.
Prepaid Insurance
Payments made in advance for insurance coverages, recognized as assets until the coverage period lapses and it then becomes an expense.
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