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

question 8

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, in Column 3 the financial statement that the account in which the account balance is reported, and in Column 4 the account's nature (temporary/permanent).
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Recognize the role and services of various financial institutions.

Understand the insurance protection on savings plans.

Identify the use and benefits of special financial services and endorsements.

Understand the process and importance of bank reconciliation.

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Definitions:

Credits

Accounting entries that increase liabilities or equity or decrease assets, representing the opposite of debits.

Owner Invests

occurs when the owner of a business contributes assets, commonly in the form of cash or equipment, into the business for its use.

Retained Earnings

The portion of a company's profits that is kept or retained and not paid out as dividends to shareholders, often used for reinvestment.

Revenue

Income generated from normal business operations and includes discounts and deductions for returned merchandise.