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

question 11

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:
$$\begin{array} { | l | l | c | c | c | } \hline & \text { Column 1 } & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\\hline \text { Cash } & \text { asset } & \text { debit } & \text { palance sheet } & \text { permanent } \\\hline\end{array}$$
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Definitions:

Guarantee

A formal assurance or promise, often in writing, that certain conditions will be fulfilled, including the quality or durability of a product or the completion of an obligation.

Implied Warranty

An unwritten and unspoken guarantee that a product or service will meet a minimum standard of quality and functionality.

Inference

The process of reasoning and drawing conclusions based on the evidence or premises provided.

Transaction

The act of conducting business, typically involving the exchange of goods, services, or funds between parties.