For Each Account Listed,identify the Category It Belongs To,the Normal

question 126

Essay

For each account listed,identify the category it belongs to,the normal balance (debit or credit),and the financial statement the account appears.

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Definitions:

Flow Of Accounting Data

The process by which financial information moves through an organization's accounting system to be documented and reported.

Ledger

A comprehensive collection of all accounts used by an organization, recording all financial transactions through debits and credits.

Journal

A record where all financial transactions are initially documented in chronological order before being transferred to accounts in the general ledger.

Financial Statements

Documents that present the financial activities and conditions of a business or individual, including balance sheets, income statements, and cash flow statements.