Consider the following accounts and identify each as an asset (A),liability (L),or equity (E).
Definitions:
Felony
A serious crime that is punishable by more than one year in prison, as opposed to a misdemeanor, which is less severe.
Imprisonment
The act of confining someone in a prison or similar facility as punishment for a crime or legal offense.
Petty Offenses
Minor legal violations that carry lesser penalties, often involving fines or short-term jail time, such as traffic infractions or disorderly conduct.
White-Collar Crimes
Non-violent crimes committed by individuals, businesses, or government officials, usually for financial gain.
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