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

question 55

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 nature of the account (permanent/temporary).
Example:

- $$\begin{array} { | l | l | l | l | l | } \hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\\hline \text { Petty Cash } & & & & \\\hline\end{array}$$

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Definitions:

Economic Colony

A region or country controlled by a foreign power for the purpose of economic exploitation, often through trade and resource extraction.

Trade Balance

The difference in value between a country's imports and exports over a certain period, indicating the net exports of goods and services.

Trade Balance

The difference between a country's exports and imports of goods and services, indicating whether a country has a trade surplus or deficit.

Negative

A condition or quantity less than zero or a loss or deficit in context.