For Each of the Following, Identify in Column 1 the Category

question 103

Short Answer

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the nature of the account (permanent/temporary).
$$\begin{array}{l}\text { Example: }\\\begin{array} { | l | l | l | r | l | } \hline & \text { Column } 1 & \text { Column 2 } & \text { Column } 3 & \text { Column } 4 \\\hline \text { Cash } & \text { Asset } & \text { Debit } & \text { Balance Sheet } & \text { Permanent } \\\hline\end{array}\end{array}$$
- $$\begin{array} { | l | l | l | l | l | } \hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\\hline \text { Supplies } & & & & \\\hline\end{array}$$

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Definitions:

Transactions in Goods

Commercial exchanges involving the sale and purchase of physical products, as opposed to services or digital goods.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and simplify the laws across the states.

Ex-Ship

A term used in international trade, indicating that the seller is responsible for delivering goods to a designated port of arrival and covering all costs until the goods are offloaded from the ship.

Risk of Loss

A legal term referring to who bears the financial burden if goods are damaged or lost during a transaction or shipment.