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The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. Amounts paid to a mall for rent.
b. Amounts to be paid in 10 days to suppliers.
c. A new fax machine purchased for office use.
d. Land held as an investment.
e. Amounts due from customers.
f. Daily sales of merchandise sold.
g. Promotional costs to publicize a concert.
h. A long-term loan owed to Citizens Bank.
i. The albums, tapes, and CDs held for sale to customers.
Based on the information given above, what should be the net cash provided by operating activities in the statement of cash flows for the year ended December 31, 2011?
He has orally assured Terri that he will pay off the account receivable within the next year. Terri reported the $100,000 in the same manner on the preceding year's balance sheet.
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Show how the amounts related to Accoutns Receivable and Bad Debt Expense would be reported on the balance sheet and income statement for 2009.
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