Answer:
1. Cash ⇒ CURRENT ASSETS, NOT A CONTRA ACCOUNT
2. Bonds Payable (due in 8 years) ⇒ LONG TERM LIABILITY, NOT A CONTRA ACCOUNT
3. Machinery ⇒ FIXED ASSET, NOT A CONTRA ACCOUNT
4. Deficit ⇒ PART OF RETAINED EARNINGS, NOT A CONTRA ACCOUNT
5. Unexpired Insurance ⇒ GENERALLY CURRENT ASSET (AT LEAST THE PORTION OF PREPAID INSURANCE THAT COVERS THE NEXT 12 MONTHS), NOT A CONTRA ACCOUNT
6. Franchise (net) ⇒ INTANGIBLE ASSET, NOT A CONTRA ACCOUNT
7. Fund to Retire Preferred Stock ⇒ LONG TERM INVESTMENT, NOT A CONTRA ACCOUNT
8. Current Portion of Mortgage Payable ⇒ CURRENT LIABILITY, NOT A CONTRA ACCOUNT
9. Accumulated Depreciation ⇒ PART OF FIXED ASSETS, CONTRA ACCOUNT
10. Copyrights ⇒ INTANGIBLE ASSET, NOT A CONTRA ACCOUNT
11. Investment in Held-to-Maturity Bonds ⇒ LONG TERM INVESTMENT, NOT A CONTRA ACCOUNT
12. Allowance for Doubtful Accounts ⇒ PART OF CURRENT ASSETS, CONTRA ACCOUNT
13. Notes Receivable (due in 3 years) ⇒ LONG TERM INVESTMENT, NOT A CONTRA ACCOUNT
14. Property Taxes Payable ⇒ CURRENT LIABILITY, NOT A CONTRA ACCOUNT
15. Deferred Taxes Payable ⇒ LONG TERM LIABILITY, NOT A CONTRA ACCOUNT
16. Additional Paid-in Capital on Preferred Stock ⇒ CONTRIBUTED CAPITAL, NOT A CONTRA ACCOUNT
17. Premium on Bonds Payable (due in 8 years) ⇒ LONG TERM LIABILITY, IT IS AN ADJUNCT ACCOUNT NOT A CONTRA ACCOUNT
18. Work in Process ⇒ CURRENT ASSET, NOT A CONTRA ACCOUNT
19. Common Stock, $1 par ⇒ CONTRIBUTED CAPITAL, NOT A CONTRA ACCOUNT
20. Land ⇒ FIXED ASSET, NOT A CONTRA ACCOUNT
21. Treasury Stock (at cost) ⇒ CONTRIBUTED CAPITAL, CONTRA ACCOUNT
22. Unrealized Increase in Value of Available-for-Sale Securities ⇒ ACCUMULATED OTHER COMPREHENSIVE INCOME, NOT A CONTRA ACCOUNT
