Answers is given in the last picture. Please give an explanation of each answer.

Problem 1 The following are selected accounts and account balances of Gorr Company on December 31: Inventory Land Wages Payable Capital Stock Retained Earnings Revenues Dividends Advertising Expense Required: a. Indicate whether the account is a permanent (P) or temporary (T) account. b. Indicate the normal balance in terms of debit (Dr.) or credit (Cr.). ANSWER: PROBLEM 1 Accounts Permanente or Temporary (T) Normal Balance Dr. or Cr. Inventory Land Wages Payable Share Capital Retained Earnings Sales Dividends Advertising Expense Problem 1 Permanent (P) or Temporary (T) Balance Dr. (Cr.) Inventory Land Wages Payable Capital Stock Retained Earnings Revenues Dividends Advertising Expense A2222FEE