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Renton has been asked to present his colleague,Rebecca,with the "Journalist of the Year" award.What is important for him to remember to say in this speech?
Normal Balance
Refers to the debit or credit balance that is expected on a specific type of account based on its accounting rule.
Contra Asset
An asset account where the account balance is a negative amount that reduces the total value of assets on the balance sheet.
Accrued Expenses
Expenses that have been incurred but not yet paid or recorded, representing liabilities for a business.
Liabilities
Liabilities represent financial obligations or debts that a company owes to external parties, such as loans and accounts payable.
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