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Problem 4 Give the normal balance (debit or credito for each account listed below and indicate the fnancial statement on which it would be shown.
Problem 4 Give the normal balance (debit or credito for each account listed below and indicate the fnancial statement on which it would be shown. Specify the section of the financial statement (current assets, current liabilities, sales, cost of goods sold, etc.) where the account would appear. Use the following abbreviations: D-Debit C-Credit OE-Owner's Equity StatementsS-Sales CL-Current Liabilities OE-Operating Expenses BS-Balance Sheet IS-Income Statement CA-Current Assets COGS-Cost of Goods Sold PE-Property & Equipment E-Equity LT-Long-term Liabilities Financial Statement Account Normal Balance Balance Sheet (BSCurre 0 Cash DebitD Prepaid Rent Mortgage Note Payable Purchases Discount Advertising Expense Sales Returns and Allowances Accounts Payable Drawing Accumulated Depreciation -Equipment Store Supplies Depreciation Expense -Equipment
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