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

question 59

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 nature of the account (permanent/temporary).
Example:
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Definitions:

Repurchase Agreement

A repurchase agreement, or repo, is a short-term borrowing for dealers in government securities wherein the dealer sells the government securities to investors, usually on an overnight basis, and buys them back the following day.

T-Bills

Short-term government securities with maturity periods typically less than one year, considered risk-free investments.

Federal Taxes

Taxes imposed by the federal government on income, sales, imports, estates, and gifts.

State And Local Taxes

Taxes imposed by individual states, counties, or municipalities within a country, in addition to federal taxes.