Ramond Company has hired you to prepare financial statements for the yearending 12/31. On your first

 
   

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Ramond Company has hired you to prepare financial statements for the yearending 12/31. On your first day of work, your assistant comes to you with severalitems that could be classified as expenses or could be classified as assets. Basedon your knowledge of accounting so far, determine whether the following itemsshould be recorded as an expense or an asset.