Consider the following accounts and identify each as an asset (A),liability (L),or equity (E).
Definitions:
Liability
Legal responsibility or obligation to another party, often involving compensation for harm or damages incurred.
Lancer
A term historically used to refer to a light cavalry soldier armed with a lance, but in modern contexts, it might not have a commonly recognized definition related to the provided key terms.
Modifications
Changes or alterations made to the terms of a contract, agreement, or document after it has been executed.
Personal Purposes
Activities or objectives pursued for an individual’s private benefit or enjoyment rather than for business or professional reasons.
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