Except for Ordinary Wear and Tear, a Tenant Is Responsible

question 45

True/False

Except for ordinary wear and tear, a tenant is responsible for all damage that he or she causes, intentionally or negligently.​

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Definitions:

Debit Entries

Bookkeeping entries that increase assets or expenses, or decrease liabilities, equity, or income.

Credit Entries

Bookkeeping entries that increase the balance of liability, revenue, or equity accounts, or decrease the balance of an asset or expense account.

Both Debit And Credit Entries

Accounting entries involve both debit and credit transactions to maintain the balance in accounts, reflecting increases or decreases in assets, liabilities, and equity.

Notes Payable

A liability representing a loan or promissory note that a company must repay to the lender at a future date.