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).
Example:
-
Definitions:
Depreciation Expense
The systematic allocation of the cost of a tangible asset over its useful life, representing the wear and tear, or expiry of the asset's practical lifespan.
Billed
Billed refers to the issuing of invoices to customers for products sold or services rendered, indicating the amount due for payment.
Balance Sheet
An accounting document showcasing a firm's assets, debts, and equity of shareholders at a precise time.
Last Day
The final day of a given period, often used in the context of contracts, employment, or calendar periods.
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