Exercise $3-8$ Normal Account Balances for Vail Resorts $($Appendix$)$ KAMPLE $3-3$ Facha E $3-3$ Each account has a normal balance. Classify each of the following items found on Vail Resorts' $2015$ financial statements included in the Form $10-$K for the year ended July $31,2015,$ 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$).$ REAL WORLD Item Classified as Normal Balance Example: Cash and cash equivalents $1.$ Trade receivables, net of allowances $2.$ Segment operating expense$-$Lodging $3.$ Common stock $4.$ Income taxes payable $5.$ Net revenue$-$Mountain $6.$ Interest expense $7.$ Property, plant and equipment, net $8.$ Accounts payable and accrued liabilities $9.$ Retained earnings $10.$ Long$-$term debt