Several accounts from the financial statements of Hotlanta Promotions, Inc. 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:
Definitions:
Bailment
A legal relationship where physical possession of personal property is transferred from one party to another, with the understanding that the property will be returned.
Writing
The act or process of producing and recording words in a form that can be read and understood; typically involves the use of a pen, pencil, or keyboard.
Bailee
A person or entity to whom goods are entrusted for a specific purpose by the bailor, who owns the goods.
Private Property
An ownership model where the possession of land, resources, or items is vested in individuals or organizations, distinct from public or state ownership.
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