Consider the following accounts and identify each as an asset (A),liability (L),or equity (E).
Definitions:
Negotiates
The process by which parties come together to try and reach an agreement on a matter, often involving discussion and compromise.
Fictitious Payee Rule
A legal principle that holds a drawer of a check responsible when funds are obtained by fraud, if the drawer fails to exercise caution in issuing the check.
Immediate Loss
Financial damage or cost incurred directly as a result of an event, action, or decision, without any delay.
Forged Instruments
Documents that are illegally altered or created to deceive or commit fraud.
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