For each of the following, identify in Column 1 the category to which the accoun

Question

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). Column 1 Column 2 Column 3 Column 4 Interest payable (2) Column 1 Column 2 Column 3 Column 4 Interest receivable (3) Column 1 Column 2 Column 3 Column 4 Discount on notes payable (4) Column 1 Column 2 Column 3 Column 4 Store equipment

Explanation / Answer

Column-wise identification is shown as under:

Column 1 Column 2 Column 3 Column 4 Interest Payable Liability Credit Balance sheet Temporary Interest Receivable Asset Debit Balance sheet Temporary Discount on Notes Payable Expense Debit Balance sheet Temporary Store Equipment Asset Debit Balance sheet Permanent

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