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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

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 on which the account balance is reported, and in Column 4 the nature of the account (permanent/temporary).

 

Column 1Column 2Column 3Column 4

Example: CashAssetDebitBalance SheetPermanent

 

26) Accounts Payable________________________________________

 

27) Accumulated Amortization________________________________________

 

28) Amortization Expense________________________________________

 

29) Capital________________________________________

 

30) Fees Earned________________________________________

 

31) Withdrawals________________________________________

 

32) Supplies________________________________________

Identify which entries below are an adjusting entry (AE) or a closing entry (CE).

 

33) _____ Insurance Expense$1,200

Prepaid Insurance$1,200

 

34) _____ Wages Expense$450

Wages Payable$450

 

35) _____ Income Summary$700

Utilities Expense$700

 

36) _____ Fees Earned$17,000

Income Summary$17,000

 

37) _____ Capital$1,000

Withdrawals$1,000

 

38) _____Amortization Expense$250

Accumulated Amortization$250

Mar 14 2020 View more View Less

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