Recognition of normal balances

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. The albums, tapes, and CDs held for sale to customers.

b. A long-term loan owed to Citizens Bank.

c. Promotional costs to publicize a concert.

d. Daily receipts for merchandise sold,

e. Amounts due from customers,

f. Land held as an investment,

g. A new fax machine purchased for office use.

h. Amounts to be paid in 10 days to suppliers,

i. Amounts paid to a mall for rent.