Normal Account Balances for Carnival Cruise Corporation Each account has a normal balance. Classify each of the following items found in Carnival Cruise Corporation’s 2008 annual report according to (1) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders’ equity (SE) item and (2) whether it has a normal balance of a debit (D) or a credit (C).

Item Classifi ed as Normal Balance Example: Cash and cash equivalents A D 1. Trade and other receivables, net ______________ ______________ 2. Fuel* ______________ ______________ 3. Common stock of Carnival Corporation ______________ ______________ 4. Short-term borrowings ______________ ______________ 5. Passenger tickets ______________ ______________ 6. Selling and administrative ______________ ______________ 7. Property and equipment, net ______________ ______________ 8. Payroll and related* ______________ ______________ 9. Accounts payable ______________ ______________ 10. Retained earnings ______________ ______________ 11. Income tax expense ______________ ______________ 12. Long-term debt ______________ ______________ AppendixLO1