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

question 107

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

Fiscal Year

A one-year period chosen for accounting purposes, which may or may not align with the calendar year.

Seasonal Period

A specific time frame during the year when a particular industry or business expects a significant change in activity, often tied to seasons.