Question: For each account listed in Exercise, indicate whether its normal balance is a debit or a credit.
Exercise: The following accounts have been adapted from recent financial statements of Time Warner:
Accounts Receivable
Accumulated Depreciation
Advertising Revenues
Cable Television Equipment
Compact Discs and DVD Merchandise
Interest Expense
Music Catalogs and Copyrights
Notes Payable (due December 6, 2019)
Property, Plant, and Equipment
Retained Earnings
Royalties and Programming Costs Payable
Selling, General, and Administrative Expense
Short-Term Investments
Unearned Subscriptions
Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or stockholders' equity. For each income statement account, identify it as a revenue or an expense.