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

question 67

Essay

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, and in column 3 the financial statement on which the account balance is reported.
-

---

Definitions:

Store Equipment

The fixtures and tools used in a retail store to display and manage products, excluding inventory.

Owners' Claims

Owners' claims refer to the interests or rights of ownership that shareholders or proprietors have in a company, including profits and assets.

Business Assets

Resources owned by a business that have economic value and can contribute to future profits, such as equipment, inventory, and patents.

Basic Accounting Equation

An equation that represents the relationship between assets, liabilities, and owner's equity; Assets = Liabilities + Owner's Equity.