Instructions: Identify the Following

question 21

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Swing, Benny Goodman

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Definitions:

Normal Balance

The expected debit or credit balance of an account, indicating its typical financial activity and position in the accounting equation; a different phrasing from the first definition.

Permanent/Temporary

Permanent/temporary classification refers to the duration for which assets, liabilities, or policies are intended to last, with permanent being indefinite and temporary for a limited period.

Normal Balance

The expected debit or credit balance a particular account should hold under double-entry bookkeeping.

Financial Statement

A written record that conveys the business activities and financial performance of a company, including balance sheets and income statements.