State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate the normal balance of each account.
Definitions:
Equipment
Tangible property used in the operation of a business that is not intended for sale, typically having a useful life longer than one year.
Credit Side
The right side of a financial ledger, where increases in liabilities, equity, and revenue, and decreases in assets and expenses are recorded.
Chart Of Accounts
A numbering system of accounts that lists the account titles and account numbers to be used by a company.
Account Balance
The difference between the debits and credits recorded in an account, representing the net value at a point in time.
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