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

question 103

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, and in column 3 the financial statement on which the account balance is reported.
- $$\begin{array} { | l | l | l | l | } \hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \\\hline \text { Sales Discounts } & & & \\\hline\end{array}$$

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Definitions:

90 Days

A period of time consisting of exactly ninety days, often used in reference to deadlines or waiting periods.

Federal Reserve

The central banking system of the United States, responsible for monetary policy, regulating banks, and ensuring financial system stability.

Stop Payment

An order given to a bank to not pay out on a check that has been issued but not yet cashed.

Electronic Fund Transfer

The movement of funds between different bank accounts electronically without the need for physical paper money.