For Each of the Following, Identify in Column 1 the Category

question 20

Essay

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 in which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
- $$\begin{array} { | l | l | l | l | l | } \hline & \text { Column 1 } & \text { Column 2 } & \text { Column 3 } & \text { Column } 4 \\\hline \text { Notes Payable } & & & & \\\hline\end{array}$$

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Definitions:

Unsecured Debts

Debt that is not backed by any collateral and solely depends on the borrower's creditworthiness.

Secured Debts

Debts or obligations that are protected by collateral to reduce the risk associated with lending.

Health Department Permits

Licenses issued by local health departments allowing businesses to legally operate while ensuring public health standards are met.

Sale

The exchange of a commodity or service for money or its equivalent; also, an event where goods are offered at reduced prices.