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Identify the normal balance for each of the following accounts by placing a Dr. (debit) or a Cr. (credit) in the space provided.
________ 1. Computer
________ 2. M. Bryant, Withdrawals
________ 3. M. Bryant, Capital
________ 4. Legal Fees
________ 5. Cash
________ 6. Accounts Receivable
________ 7. Accounts Payable
________ 8. Rent Expense
________ 9. Office Equipment
________ 10. Supplies
Market Economy
A type of economic system where supply and demand from consumers primarily determine the production of goods and services.
High Earnings
A term typically referring to significantly above-average income or profits.
Automated Production
The use of technology and machinery to control production processes, reducing the need for human labor.
Cost-reducing
Efforts or strategies implemented to lower production expenses, improve efficiency, and increase profitability.
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