In the First Space Below,indicate Whether Each Account Is a Real

question 79

Essay

In the first space below,indicate whether each account is a real or nominal account using (R)Real Account and (N)Nominal Account.In the second space below,indicate by an (X)if the account should be closed.
$\begin{array}{c}\begin{array}{lll}\underline{\text { N }}\\----\\----\\----\\----\\----\\----\\----\\----\\----\\\\\end{array}\begin{array}{lll}\underline{\text { X }}\\----\\----\\----\\----\\----\\----\\----\\----\\----\\\\\end{array}\begin{array}{lll} \text {0. Advertising Expense}\\ \text {1. Cash}\\ \text {2. Tennis Fees}\\ \text {3. Accounts Receivable }\\ \text {4. Accumulated Depreciation }\\ \text {5. Withdrawals}\\ \text {6. Prepaid Rent}\\ \text {7. Income Summary}\\ \text {8. Utilities Expense }\end{array}\end{array}$

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Definitions:

Accommodated Party

In financial transactions, the party whose benefit a guarantee or letter of credit is issued, thus facilitating their access to credit.

Accommodation Party

An individual who signs a negotiable instrument on behalf of another party, typically to lend them their credit without receiving personal benefit.

Pay Note

A written promise to pay a specified sum of money to a designated party, also known as a promissory note.

Negotiable Instrument

A written promise or order to pay a specific amount of money that can be transferred by endorsement or delivery, such as checks and promissory notes.