Question: 1) Using the coding system described below, complete each cell with the letter that best indicates the normal characteristics for each account. (20 marks)

1) Using the coding system described below, complete each cell with the

1) Using the coding system described below, complete each cell with the letter that best indicates the normal characteristics for each account. (20 marks) Account Title Type of Account A = Assets R = Revenue C = Contra Closing Status C = Closed Normal Balance Financial Statement N = Not Closed D = Debit C=Credit B Balance Sheet L = Liabilities Income Statement SE Statement of Earnings N = None of the Above Example: Cash E = Expenses SE Shareholders' Equity A N D Equipment A N D B B Rent payable L C B Accumulated C depreciation C B Rent revenue R C C Inventory A N B B I Retained earnings. SE C C SE Depreciation expense E H D I Interest revenue R C C I Loan payable L N C B Dividends declared SE C B

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