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(s) on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
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Definitions:
Amortized Loan
A loan with scheduled periodic payments that cover both principal and interest over the loan's term until it is paid off at maturity.
Monthly Mortgage Payment
The amount paid by a borrower to a lender each month, which includes principal and interest on a mortgage loan.
Borrowed
Borrowed refers to funds or items taken on loan from another party, which are expected to be returned or paid back under agreed-upon conditions.
Amortized
The process of spreading out a loan or debt into a series of fixed payments over time, gradually reducing the balance.
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