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

question 145

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 that the account in which the account balance is reported, and in column 4 the account's nature (permanent/temporary).
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Definitions:

Promissory Note

A written promise to pay a specified sum of money to a designated person at either a fixed or determinable future time.

Contributory Negligence

A legal defense that involves the failure of an injured party to be careful enough to ensure personal safety.

Lack of Possession

The absence of physical custody or control over an object, property, or asset that one might legally own or have rights to.

Holder in Due Course

A party who has acquired a negotiable instrument in good faith and for value, thereby obtaining rights to it free from certain defenses.