1. Recognition of normal balances.The following items appeared in the accounting records of Triguero's, a
retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or
expense from the company's viewpoint. Also indicate the normal account balance of each item.
a. Amounts paid to a mall for rent.
b. Amounts to be paid in 10 days to suppliers.
c. A new fax machine purchased for office use.
d. Land held as an investment.
e. Amounts due from customers.
f. Daily sales of merchandise sold.
g. Promotional costs to publicize a concert.
h. A long-term loan owed to Citizens Bank.
i. The albums, tapes, and CDs held for sale to customers.
This product hasn't received any reviews yet. Be the first to review this product!