Account Classi?cations and Debit-Credit Relationships Using the format provided,

Question

Account Classi?cations and Debit-Credit Relationships
Using the format provided, for each account identify (1) whether the account is a balance sheet
(B/S) or an income statement (I/S) account; (2) whether it is an asset (A), a liability (L), an own-
ers

Account Classi?cations and Debit-Credit Relationships Using the format provided, for each account identify (1) whether the account is a balance sheet (B/S) or an income statement (I/S) account; (2) whether it is an asset (A), a liability (L), an owners' equity (OE), a revenue (R), or an expense (E) account; (3) whether the account is a real or a nominal account; (4) whether the account will be "closed" or left "open" at year-end; and (5) whether the account normally has a debit or a credit balance. The following example is provided:

Explanation / Answer

(1) whether the account is a balance sheet
(B/S) or an income statement (I/S) account; (2) whether it is an asset (A), a liability (L), an own-
ers

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