7. For each account that follows, (a) list its normal balance (debit or credit); (b) identify it…

7.    For each account that follows, (a) list its normal balance (debit or credit);

(b) identify it as a balance sheet or temporary account; and (c) classify it  as a current asset, noncurrent asset, current liability, long-term liability, owners’ equity, revenue, or expense account.

Accounts Payable

Bonds Payable (due in 20 years) Buildings

Cash

Common Stock Cost of Goods Sold Heat and Power Labor

Merchandise Inventory Prepaid Rent

Rent

Retained Earnings Sales

Taxes Payable Wages Payable

 

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