The fact that Ramond paid $14,000 to rent office space for the next twelve months and paid $40,000 for insurance that covered the company's property are expenses.
<h3>What is an asset?</h3>
It should be noted that an asset simply means an item that has economic benefit to a company.
In this case, Ramond paid $14,000 to rent office space for the next twelve months and paid $40,000 for insurance that covered the company's property are expenses.
The assets are that Ramond purchased $27,000 in supplies, all of which were used by 12/31 and he also purchased $5,000 worth of supplies for the coming month. They're assets because they're beneficial to him as they can be used to provide further value.
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