The Account Titles to Be Responded to Are Provided in No

question 9

Short Answer

The account titles to be responded to are provided in no particular order. Assume that all accounts have normal balances according to whether the account is increased by a debit or increased by a credit.

Required:

In column A, indicate whether a debit will:

1. Increase the account balance, or
2. Decrease the account balance.

In column B, classify each account according to the following scheme. For contra accounts, indicate the classification of the account to which it relates.

1. A current asset in the balance sheet.
2. A noncurrent asset in the balance sheet.
3. A current liability in the balance sheet.
4. A long-term liability in the balance sheet.
5. A permanent equity account in the balance sheet.
6. A revenue account in the income statement.
7. An expense account shown in the income statement.
8. Account does not appear in either the balance sheet or the income statement.


-Short-term notes payable

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Definitions:

Social Inequality

Varied social roles or statuses within a group or society experience unequal levels of opportunities and rewards.

Hunting and Gathering

Refers to a pre-agricultural system of lifestyle where societies rely on hunting wild animals and gathering wild plants for sustenance.

Alienated

Feeling isolated and separated from others or oneself, often resulting from social structures or personal relationships.

Conflict Theorists

Scholars and thinkers who apply the principles of conflict theory to analyze social, economic, and political inequalities and the dynamics of societal change.