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Prepaid accounts (also called prepaid expenses) are generally: Payments made for products and services that never expire. Classified as liabilities on the balance sheet. Decreases
Prepaid accounts (also called prepaid expenses) are generally:
- Payments made for products and services that never expire.
- Classified as liabilities on the balance sheet.
- Decreases in equity.
- Assets that represent prepayments of future expenses.
- Promises of payments by customers.
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