Several Accounts from the Financial Statements of Robot Technologies Are

question 196

Essay

Several accounts from the financial statements of Robot Technologies are listed below.In the two columns provided for answers, indicate the type of account and the normal account balance.Use the following identification codes for your answers: $\begin{array}{ll}\text { Type of Account } & \text { Normal Balance } \\\hline\mathrm{A}=\text { Asset } & \mathrm{DR}=\text { Debit } \\\mathrm{L}=\text { Liability } & \mathrm{CR}=\text { Credit } \\\mathrm{SE}=\text { Stockholders' Equity } & \\\mathrm{R}=\text { Revenue } & \\\mathrm{E}=\text { Expense } &\end{array}$
$$\begin{array}{llcc}&&\text {Type of Account }&\text {Normal Balance }\\\hline A)&\text { Prepaid Expenses}&---&---\\B)&\text {Cable Television Equipment }&---&---\\C)&\text { Subscriptions Received in Advance}&---&---\\D)&\text { Common Stock}&---&---\\E)&\text { Accounts Payable}&---&---\\F)&\text { Income Taxes Expense}&---&---\\G)&\text { Interest Income}&---&---\\H)&\text {Cable Television Franchises }&---&---\\I)&\text {Long-Term Debt }&---&---\\\end{array}$$

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Definitions:

Co-Sign

To sign a legal document alongside another person, often agreeing to take responsibility if the primary signer fails to meet the terms.

Credit Application

A form or request submitted by an individual or business seeking to obtain credit from a lending institution.

Defaults

Failure to fulfill an obligation, especially failure to meet a financial obligation or to appear in a court of law.

Guarantor

An individual or organization that commits to taking on the debt or fulfilling the contract obligations of another party if that initial party does not uphold their responsibilities.