The following are selected accounts of the Laura Gibson Company on December 31:

Normal Permanent (P) Balance or Temporary (T) (Dr.) or (Cr.)

Cash _______________ ____________ Accounts Receivable _______________ ____________ Equipment _______________ ____________ Accounts Payable _______________ ____________ Common Stock _______________ ____________ Sales _______________ ____________ Purchases _______________ ____________ Rent Expense _______________ ____________ Utility Expense _______________ ____________ Selling Expense _______________ ____________ Required In the space provided:

1. Indicate if the account is a permanent (P) or temporary (T) account.

2. Indicate the normal balance in terms of debit (Dr.) or credit (Cr.).