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

question 100

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

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Definitions:

Prepaid Asset

Expenses paid in advance by a company, such as insurance or rent, that are recorded as assets until they are utilized.

Unearned Interest: Leases

Interest that has been collected on a lease but not yet earned, often related to the financing element of leases.

Present Value Factors

Financial multipliers used to calculate the present value of a future amount of money or stream of cash flows based on a specific discount rate.

Interest Revenue

Income earned on investments, loans, or accounts receivable that is generated from the interest charged.