Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the other side in an account. The excess amount of debit side over the credit side is shown as the normal debit balance . The excess amount of credit side over the debit side is shown as the normal credit balance. Type of account Normal balance Asset account Debit balance Liability account Credit balance Expense account Debit balance Revenue account Credit balance Dividend account Debit balance Rules of Debit and Credit Following rules are followed for debiting and crediting different accounts while they occur in business transactions: Debit, all increase in assets, expense, dividends, and owner’s drawing accounts, and all decrease in liabilities, revenues and owner’s capital accounts. Credit, all increase in liabilities, revenues, and owner’s capital accounts, and all decrease in assets, expenses, and owner’s drawing account. To determine: Whether each of the following account is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries, and also to indicate its normal balance.

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Answer 1

Question

Chapter 2, Problem 2.1APE

To determine

Normal balance:

Normal balance refers to the excess of amount on one side, over the amount on the other side in an account. The excess amount of debit side over the credit side is shown as the normal debit balance. The excess amount of credit side over the debit side is shown as the normal credit balance.

Type of account Normal balance

Asset account Debit balance

Liability account Credit balance

Expense account Debit balance

Revenue account Credit balance

Dividend account Debit balance

Rules of Debit and Credit

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expense, dividends, and owner’s drawing accounts, and all decrease in liabilities, revenues and owner’s capital accounts.

Credit, all increase in liabilities, revenues, and owner’s capital accounts, and all decrease in assets, expenses, and owner’s drawing account.

To determine: Whether each of the following account is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries, and also to indicate its normal balance.

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On January 1, Jack Corp.'s Work-in-Process Inventory account had a balance of $29,600. During the year, $62,400 of direct materials was placed into production. Manufacturing wages incurred amounted to $88,500, of which $66,000 were for direct labor. Manufacturing overhead is allocated on the basis of 125% of direct labor cost. Actual manufacturing overhead was $92,800. Jobs costing $230,700 were completed during the year. What is the December 31 balance of Work-in-Process Inventory?

hi expert please help me

Answer 2

Question

Chapter 2, Problem 2.1APE

To determine

Normal balance:

Normal balance refers to the excess of amount on one side, over the amount on the other side in an account. The excess amount of debit side over the credit side is shown as the normal debit balance. The excess amount of credit side over the debit side is shown as the normal credit balance.

Type of account Normal balance

Asset account Debit balance

Liability account Credit balance

Expense account Debit balance

Revenue account Credit balance

Dividend account Debit balance

Rules of Debit and Credit

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expense, dividends, and owner’s drawing accounts, and all decrease in liabilities, revenues and owner’s capital accounts.

Credit, all increase in liabilities, revenues, and owner’s capital accounts, and all decrease in assets, expenses, and owner’s drawing account.

To determine: Whether each of the following account is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries, and also to indicate its normal balance.

Expert Solution & Answer

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Answer 3

Question

Chapter 2, Problem 2.1APE

To determine

Normal balance:

Normal balance refers to the excess of amount on one side, over the amount on the other side in an account. The excess amount of debit side over the credit side is shown as the normal debit balance. The excess amount of credit side over the debit side is shown as the normal credit balance.

Type of account Normal balance

Asset account Debit balance

Liability account Credit balance

Expense account Debit balance

Revenue account Credit balance

Dividend account Debit balance

Rules of Debit and Credit

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expense, dividends, and owner’s drawing accounts, and all decrease in liabilities, revenues and owner’s capital accounts.

Credit, all increase in liabilities, revenues, and owner’s capital accounts, and all decrease in assets, expenses, and owner’s drawing account.

To determine: Whether each of the following account is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries, and also to indicate its normal balance.

Expert Solution & Answer

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Answer 4

Question

Chapter 2, Problem 2.1APE

To determine

Normal balance:

Normal balance refers to the excess of amount on one side, over the amount on the other side in an account. The excess amount of debit side over the credit side is shown as the normal debit balance. The excess amount of credit side over the debit side is shown as the normal credit balance.

Type of account Normal balance

Asset account Debit balance

Liability account Credit balance

Expense account Debit balance

Revenue account Credit balance

Dividend account Debit balance

Rules of Debit and Credit

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expense, dividends, and owner’s drawing accounts, and all decrease in liabilities, revenues and owner’s capital accounts.

Credit, all increase in liabilities, revenues, and owner’s capital accounts, and all decrease in assets, expenses, and owner’s drawing account.

To determine: Whether each of the following account is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries, and also to indicate its normal balance.

Expert Solution & Answer

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Answer 5

Chapter 2, Problem 2.1APE

To determine

Normal balance:

Normal balance refers to the excess of amount on one side, over the amount on the other side in an account. The excess amount of debit side over the credit side is shown as the normal debit balance. The excess amount of credit side over the debit side is shown as the normal credit balance.

Type of account Normal balance

Asset account Debit balance

Liability account Credit balance

Expense account Debit balance

Revenue account Credit balance

Dividend account Debit balance

Rules of Debit and Credit

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expense, dividends, and owner’s drawing accounts, and all decrease in liabilities, revenues and owner’s capital accounts.

Credit, all increase in liabilities, revenues, and owner’s capital accounts, and all decrease in assets, expenses, and owner’s drawing account.

To determine: Whether each of the following account is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries, and also to indicate its normal balance.

Answer 6

Chapter 2, Problem 2.1APE

To determine

Normal balance:

Normal balance refers to the excess of amount on one side, over the amount on the other side in an account. The excess amount of debit side over the credit side is shown as the normal debit balance. The excess amount of credit side over the debit side is shown as the normal credit balance.

Type of account Normal balance

Asset account Debit balance

Liability account Credit balance

Expense account Debit balance

Revenue account Credit balance

Dividend account Debit balance

Rules of Debit and Credit

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expense, dividends, and owner’s drawing accounts, and all decrease in liabilities, revenues and owner’s capital accounts.

Credit, all increase in liabilities, revenues, and owner’s capital accounts, and all decrease in assets, expenses, and owner’s drawing account.

To determine: Whether each of the following account is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries, and also to indicate its normal balance.

Answer 7

Chapter 2, Problem 2.1APE

To determine

Normal balance:

Normal balance refers to the excess of amount on one side, over the amount on the other side in an account. The excess amount of debit side over the credit side is shown as the normal debit balance. The excess amount of credit side over the debit side is shown as the normal credit balance.

Type of account Normal balance

Asset account Debit balance

Liability account Credit balance

Expense account Debit balance

Revenue account Credit balance

Dividend account Debit balance

Rules of Debit and Credit

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expense, dividends, and owner’s drawing accounts, and all decrease in liabilities, revenues and owner’s capital accounts.

Credit, all increase in liabilities, revenues, and owner’s capital accounts, and all decrease in assets, expenses, and owner’s drawing account.

To determine: Whether each of the following account is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries, and also to indicate its normal balance.

Answer 8

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Answer 11

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Solution Summary: The author explains the rules of debiting and crediting different accounts while they occur in business transactions.

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Type of account	Normal balance
Asset account	Debit balance
Liability account	Credit balance
Expense account	Debit balance
Revenue account	Credit balance
Dividend account	Debit balance