Question

For each item described: Identify the type of account (Asset, Liability, Equity, Revenue or Gain, Expense or Loss), normal balance (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether the account is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra account, the answer will show the account type in parentheses.  Answer items may be used once, more than once, or not at all.

-	Sales & Services
-	Allowance to for Doubtful Accounts
-	Office Salaries Paid
-	Notes Payable
-	Cash
	Sales Returns & Allowances

1.	Expense or Loss, Debit, Income Statement, Yes
2.	Revenue or Gain, Credit, Income Statement, Yes
3.	Asset, Debit, Income Statement, Yes
4.	Liability, Credit, Income Statement, Yes
5.	Revenue, Credit, Balance Sheet, No
6.	(Asset), Credit, Balance Sheet, No
7.	(Revenue or Gain), Credit, Income Statement, Yes
8.	Asset, Debit, Balance Sheet, No
9.	Asset, Debit, Balance Sheet, No

Answer 1

Sales & Services	2	Revenue or Gain, Credit, Income Statement, Yes
Allowance to for Doubtful Accounts	6	(Asset), Credit, Balance Sheet, No
Office Salaries Paid	1	Expense or Loss, Debit, Income Statement, Yes
Notes Payable		Liability, credit,balance sheet, No
Cash	8	Asset, Debit, Balance Sheet, No
Sales Returns & Allowances	7	(Revenue or Gain), Credit, Income Statement, Yes
Note
Sales Returns & Allowances is a contra sales account it has debit balance as the option 7 gives contra sales account
in parentheses so this option is choosen
For Notes payable not finding the option should be available it should be liability, credit,balance sheet, no
If any doubt please comment