For each account that follows, (a) list its normal balance (debit or credit); (b) identify it as

For each account that follows, (a) list its normal balance (debit or credit); (b) identify it as a balance sheet or temporary account; and (c) classify it as a current asset, noncurrent asset, current liability, long-term liability, owners’ equity, revenue, or expense account.

Accounts Payable

Bonds Payable (due in 20 years)

Buildings

Cash

Common Stock

Cost of Goods Sold

Heat and Power

Labor

Merchandise Inventory

Prepaid Rent

Rent

Retained Earnings

Sales

Taxes Payable

Wages Payable

 

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