Normal balance: It is that balance of an account that it normally possess in the books of accounts such as, Asset has debit balance. Liability has credit balance. Stockholder’s equity has credit balance. Expense has debit balance. Income has credit balance. To identify: Increase and decrease side and normal balance of accounts.

Question

Honda Corporation had beginning raw materials inventory of $34,500. During the period, the company purchased $128,000 of raw materials on account. If the ending balance in raw materials was $22,700, the amount of raw materials transferred to work in process inventory is?

Answer 1

Question

Chapter 2, Problem 1EYCT

(a)

To determine

Normal balance: It is that balance of an account that it normally possess in the books of accounts such as,

Asset has debit balance.

Liability has credit balance.

Stockholder’s equity has credit balance.

Expense has debit balance.

Income has credit balance.

To identify: Increase and decrease side and normal balance of accounts.

(b)

To determine

To identify: Probable other account in the transaction and the effect on that account.

(c)

To determine

To identify: The other account that ordinarily would be involved in given transaction.

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Honda Corporation had beginning raw materials inventory of $34,500. During the period, the company purchased $128,000 of raw materials on account. If the ending balance in raw materials was $22,700, the amount of raw materials transferred to work in process inventory is?

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Answer 2

Question

Chapter 2, Problem 1EYCT

(a)

To determine

Normal balance: It is that balance of an account that it normally possess in the books of accounts such as,

Asset has debit balance.

Liability has credit balance.

Stockholder’s equity has credit balance.

Expense has debit balance.

Income has credit balance.

To identify: Increase and decrease side and normal balance of accounts.

(b)

To determine

To identify: Probable other account in the transaction and the effect on that account.

(c)

To determine

To identify: The other account that ordinarily would be involved in given transaction.

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Answer 3

Question

Chapter 2, Problem 1EYCT

(a)

To determine

Normal balance: It is that balance of an account that it normally possess in the books of accounts such as,

Asset has debit balance.

Liability has credit balance.

Stockholder’s equity has credit balance.

Expense has debit balance.

Income has credit balance.

To identify: Increase and decrease side and normal balance of accounts.

(b)

To determine

To identify: Probable other account in the transaction and the effect on that account.

(c)

To determine

To identify: The other account that ordinarily would be involved in given transaction.

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Answer 4

Question

Chapter 2, Problem 1EYCT

(a)

To determine

Normal balance: It is that balance of an account that it normally possess in the books of accounts such as,

Asset has debit balance.

Liability has credit balance.

Stockholder’s equity has credit balance.

Expense has debit balance.

Income has credit balance.

To identify: Increase and decrease side and normal balance of accounts.

(b)

To determine

To identify: Probable other account in the transaction and the effect on that account.

(c)

To determine

To identify: The other account that ordinarily would be involved in given transaction.

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Answer 5

Chapter 2, Problem 1EYCT

(a)

To determine

Normal balance: It is that balance of an account that it normally possess in the books of accounts such as,

Asset has debit balance.

Liability has credit balance.

Stockholder’s equity has credit balance.

Expense has debit balance.

Income has credit balance.

To identify: Increase and decrease side and normal balance of accounts.

(b)

To determine

To identify: Probable other account in the transaction and the effect on that account.

(c)

To determine

To identify: The other account that ordinarily would be involved in given transaction.

Answer 6

Chapter 2, Problem 1EYCT

(a)

To determine

Normal balance: It is that balance of an account that it normally possess in the books of accounts such as,

Asset has debit balance.

Liability has credit balance.

Stockholder’s equity has credit balance.

Expense has debit balance.

Income has credit balance.

To identify: Increase and decrease side and normal balance of accounts.

Answer 7

Chapter 2, Problem 1EYCT

(a)

To determine

Normal balance: It is that balance of an account that it normally possess in the books of accounts such as,

Asset has debit balance.

Liability has credit balance.

Stockholder’s equity has credit balance.

Expense has debit balance.

Income has credit balance.

To identify: Increase and decrease side and normal balance of accounts.

Answer 8

(b)

To determine

To identify: Probable other account in the transaction and the effect on that account.

Answer 9

(b)

To determine

To identify: Probable other account in the transaction and the effect on that account.

Answer 10

(c)

To determine

To identify: The other account that ordinarily would be involved in given transaction.

Answer 11

(c)

To determine

To identify: The other account that ordinarily would be involved in given transaction.

Answer 12

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Answer 23

Ch. 2 - Prob. 1Q Ch. 2 - Prob. 2Q Ch. 2 - Prob. 5Q Ch. 2 - 6. What is the normal balance for each of the...Ch. 2 - Prob. 7Q Ch. 2 - Prob. 8Q Ch. 2 - Prob. 9Q Ch. 2 - Prob. 10Q Ch. 2 - Prob. 11Q Ch. 2 - Prob. 12Q

To identify: Probable other account in the transaction and the effect on that account.

To identify: The other account that ordinarily would be involved in given transaction.

Chapter 2 Solutions