Accounting Principles volume 2
Accounting Principles volume 2
12th Edition
ISBN: 9781119132233
Author: Kimmel and Kieso (Custom for LaGuardia Community College) Weygandt
Publisher: WILEY C
Question
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Chapter 2, Problem 2.1BYP

(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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