For Each of the Following Accounts,indicate Whether the Account Is

question 31

Essay

For each of the following accounts,indicate whether the account is an asset (A),liability (L),or stockholders' equity (SE)and whether the account has a normal debit (Dr)or normal credit (Cr)balance.
1.Retained Earnings
2.Supplies
3.Additional paid-in capital
4.Accounts payable
5.Accounts receivable
6.Property and equipment
7.Wages payable
8.Prepaid expenses

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Definitions:

Jeffrey Sachs

An American economist known for his work on sustainable development, poverty alleviation, and as an advisor to governments on economic reforms.

Poverty-stricken Countries

Refers to nations with low levels of income and economic development, often characterized by insufficient access to basic necessities such as food, clean water, and healthcare.

Information Technology

The use of computers, storage, networking, and other physical devices, infrastructure, and processes to create, process, store, secure, and exchange all forms of electronic data.

Poverty Trap

An economic condition in which it is difficult for an individual to obtain enough capital and/or credit to escape poverty; it causes poverty to persist and is also called the “cycle of poverty”.