For Each of the Following Accounts You Are to Enter

question 31

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For each of the following accounts you are to enter one capital letter in each cell which indicates for each account its normal characteristics. $\begin{array}{|l|l|l|l|l|}\hline{\text { USE THE LETTER CODE GIVEN }} \\\hline {\text { TYPE OF ACCOUNT }} && {\begin{array}{c}\text { CLOSING } \\\text { STATUS }\end{array}} & \begin{array}{l}\text { NORMAL } \\\text { BALANCE }\end{array} &{\begin{array}{c}\text { FINANCIAL } \\\text { STATEMENT }\end{array}} \\\hline \text { A=Assets } & \text { L=Liabilities } & \text { C=Closed } & \text { D=Debt } & \text { B=Balance Sheet } \\\hline \text { R=Revenue } & \text { E=Expenses } & \text { N=Not Closed } & \text { C=Credit } & \text { I=Income Statement } \\\hline \begin{array}{l}\text { C=Contra }\end{array} & \begin{array}{l}\text { SE=Stockholders' } \\\text { Equity }\end{array} & & & \begin{array}{l}\text { SE=Statement of } \\\text { Stockholders` Equity }\end{array} \\\hline \begin{array}{l}\text { N=Not } \\\text { Applicable }\end{array} & & && \begin{array}{l}\text { N=None of the } \\\text { above }\end{array} \\\hline\end{array}$
$For each of the following accounts you are to enter one capital letter in each cell which indicates for each account its normal characteristics. \begin{array}{|l|l|l|l|l|} \hline{\text { USE THE LETTER CODE GIVEN }} \\ \hline {\text { TYPE OF ACCOUNT }} && {\begin{array}{c} \text { CLOSING } \\ \text { STATUS } \end{array}} & \begin{array}{l} \text { NORMAL } \\ \text { BALANCE } \end{array} &{\begin{array}{c} \text { FINANCIAL } \\ \text { STATEMENT } \end{array}} \\ \hline \text { A=Assets } & \text { L=Liabilities } & \text { C=Closed } & \text { D=Debt } & \text { B=Balance Sheet } \\ \hline \text { R=Revenue } & \text { E=Expenses } & \text { N=Not Closed } & \text { C=Credit } & \text { I=Income Statement } \\ \hline \begin{array}{l} \text { C=Contra } \end{array} & \begin{array}{l} \text { SE=Stockholders' } \\ \text { Equity } \end{array} & & & \begin{array}{l} \text { SE=Statement of } \\ \text { Stockholders` Equity } \end{array} \\ \hline \begin{array}{l} \text { N=Not } \\ \text { Applicable } \end{array} & & && \begin{array}{l} \text { N=None of the } \\ \text { above } \end{array} \\ \hline \end{array}$

Definitions:

Merchandise Sold

Goods that have been sold and transferred from the seller to the buyer; this term is often used in the retail and wholesale sectors.

Terms n/30

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Perpetual Inventory System

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Invoice Payment

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