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Mellon Bank is a large bank holding company. Selected accounts from the company’s 2011 annual report are as follows (in millions):
Indicate whether each of these accounts is an asset, a liability, or a component of stockholders’ equity on Mellon Bank’s balance sheet.
Assume that you are in a position to do business with Mellon. Show how Mellon Bank’s accountants would prepare the entry in T-account form to record each of the following transactions:
a. You sell securities in the amount of $b. You deposit in the bank the$2,000 received from selling the securities.
c. You borrow $5,000 from the bank.
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