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When a switch is closed in a DC electrical circuit,
Contra-Asset Account
A contra-asset account is an account used in a ledger to reduce the value of a related account. It has a credit balance and is used to adjust the value of an asset account to its net value.
Consignment-In
A transaction arrangement where goods are placed in the care of another party to sell, but ownership and title remain with the supplier until sale.
Credit Balance
A situation where the total credits in an account exceed the total debits, often reflecting a company's liability or revenue.
Notes Receivable
Claims or promissory notes that entitle the holder to receive payments from debtors, typically in the future, and recorded as assets on the balance sheet.
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