Accounting Question

Anonymous
timer Asked: Nov 13th, 2016

Question description

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement that the account in which the account balance is reported, and in Column 4 the account’s nature (temporary/permanent).



(1) INTEREST PAYABLE

column1 column2 column3 column4

liabilities balance sheet

(2)INTEREST RECEIVABLE

column1 column2 column3 column4

income

(3)DISCOUNT ON NOTES PAYABLE

column1 column2 column3 column4

expense balance sheet temporary

(4)STORE EQUIPMENT

column1 column2 column3 column4

asset balance sheet

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