using financial accounting information Exercise 3-8 Normal Account Balances for Vail Resorts (Append

 
   

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using financial accounting information
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