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For each item described: Identify the type of account (Asset, Liability, Equity, Revenue or Gain, Expense...

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 or adjunct account, the answer will show the account type in parentheses.  Answer items may be used once, more than once, or not at all.

      -       1.       2.       3.       4.       5.       6.       7.       8.       9.       10.       11.       12.       13.       14.   

Treasury Stock
      -       1.       2.       3.       4.       5.       6.       7.       8.       9.       10.       11.       12.       13.       14.   

Investments
      -       1.       2.       3.       4.       5.       6.       7.       8.       9.       10.       11.       12.       13.       14.   

Sales & Services
      -       1.       2.       3.       4.       5.       6.       7.       8.       9.       10.       11.       12.       13.       14.   

Allowance for Doubtful Accounts
      -       1.       2.       3.       4.       5.       6.       7.       8.       9.       10.       11.       12.       13.       14.   

Electricity Costs
      -       1.       2.       3.       4.       5.       6.       7.       8.       9.       10.       11.       12.       13.       14.   

Loss on Sale of Machinery
      -       1.       2.       3.       4.       5.       6.       7.       8.       9.       10.       11.       12.       13.       14.   

Retained Earnings
      -       1.       2.       3.       4.       5.       6.       7.       8.       9.       10.       11.       12.       13.       14.   

Rent Deposits Received from Tenants
      -       1.       2.       3.       4.       5.       6.       7.       8.       9.       10.       11.       12.       13.       14.   

Salaries Payable
      -       1.       2.       3.       4.       5.       6.       7.       8.       9.       10.       11.       12.       13.       14.   

Sales Returns & Allowances
1.

(Equity), Debit, Balance Sheet, No
2.

Asset, Debit, Balance Sheet, No
3.

Revenue or Gain, Credit, Income Statement, Yes
4.

Asset, Debit, Income Statement, Yes
5.

Liability, Credit, Income Statement, Yes
6.

(Liability), Debit, Balance Sheet, Yes
7.

Equity, Debit, Income Statement, No
8.

Revenue, Credit, Balance Sheet, No
9.

(Asset), Credit, Balance Sheet, No
10.

(Revenue or Gain), Debit, Income Statement, Yes
11.

(Asset), Credit, Balance Sheet, Yes
12.

Expense or Loss, Debit, Income Statement, Yes
13.

Equity, Credit, Balance Sheet, No
14.

Liability, Credit, Balance Sheet, No
Business   Accounting   
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Answer #1
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Treasury Stock Contra Equity Debit Balance Balance Sheet No
Investments Asset Debit Balance Balance Sheet No
Sales & Services Revenue or Gain Credit Balance Income Statement Yes
Allowance for Doubtful Accounts Contra Asset Credit Balance Balance Sheet No
Electricity Costs Expense or Loss Debit Balance Income Statement Yes
Loss on Sale of Machinery Expense or Loss Debit Balance Income Statement Yes
Retained Earnings Equity Credit Balance Balance Sheet No
Rent Deposits Received from Tenants Liability Credit Balance Balance Sheet No
Salaries Payable Liability Credit Balance Balance Sheet No
Sales Returns & Allowances Contra Revenue or Gain Debit Balance Income Statement Yes
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