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Accounting Question
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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