The following are selected accounts of Laura Gibson Company on December 31:
| |
Permanent (P) or Temporary (T)
|
Normal Balance (Dr.) or (Cr.)
|
|
Cash
|
_________
|
_________
|
|
Accounts Receivable
|
_________
|
_________
|
|
Equipment
|
_________
|
_________
|
|
Accounts Payable
|
_________
|
_________
|
|
Common Stock
|
_________
|
_________
|
|
Sales
|
_________
|
_________
|
|
Purchases
|
_________
|
_________
|
|
Rent Expense
|
_________
|
_________
|
|
Utility Expense
|
_________
|
_________
|
|
Selling Expense
|
_________
|
_________
|
Required In the space provided:
1. Indicate if the account is a permanent (P) or temporary (T) account.
2. Indicate the normal balance in terms of debit (Dr.) or credit (Cr.).