The alphabetized adjusted trial balance for SimCo Electrical Outfitters at August
31, 2015, is shown below. Identify how each account balance would b e classified on a balance sheet given the following classification symbols:
Definitions:
Holder
In a financial context, a person or entity that possesses or owns a negotiable instrument, like a check or bond, and has the right to enforce the instrument.
Negotiable Instrument
A legal document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payer named on the document.
Security Interest
A legal claim or lien on collateral (property or assets) granted to secure the performance of an obligation, usually repayment of a debt.
Bank
A financial institution licensed to receive deposits, offer loans, and provide other financial services to individuals and businesses.
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