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

question 118

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 that the account appears upon.
- $$\begin{array} { | l | l | l | l | } \hline & \text { Column 1 } & \text { Column 2 } & \text { Column 3 } \\\hline \text { Equipment } & & & \\\hline\end{array}$$

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Definitions:

Conform to Contract

To act in accordance with the terms and conditions outlined in a contract.

Sales Contract

A legal agreement between buyer and seller detailing the sale of goods or services, including terms about price, delivery, and conditions.

Breach Occurs

The point at which a party fails to fulfill their obligations under a contract, resulting in a breach of the agreement.

Liquidated Damages Clause

A provision in a contract that pre-determines the amount of damages to be paid if one party breaches the agreement.