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After cleaning up a lawn mower,Jason piles up a bunch of gas and oil soaked rags in the corner of the garage.During the night,the rags undergo spontaneous combustion,setting fire to the garage before the fire could be extinguished.According to HAZMAT guidelines,these rags exhibited a dangerous level of
Asset Account
An account on a company's balance sheet that represents tangible or intangible items of value owned by the company.
Debit
An accounting entry that increases an asset or expense account, or decreases a liability or equity account. It is positioned on the left in an accounting entry.
Credit
An accounting entry that increases a liability or equity account or decreases an asset or expense account, reflecting the opposite of a debit.
Basic Accounting Equation
Assets = Liabilities + Stockholders’ Equity.
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