Normal Balance: It is that balance of an account that it normally indicates an increase in the value, such as, Increase in asset is debited and so the normal balance of asset is debit balance Increase in liability is credited and so the normal balance of liability is credit balance Increase in stockholder’s equity and so the normal balance of stockholders’ equity is credit balance Increase in expense and so the normal balance of expense is debit balance Increase in income and so the normal balance of revenue is credit balance To Identify: (a) Normal balances of accounts and (b) the other account that ordinarily would be involved in given transaction.

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Answer 1

Question

Chapter 2, Problem 2.3EYCT

(a)

To determine

Normal Balance: It is that balance of an account that it normally indicates an increase in the value, such as,

Increase in asset is debited and so the normal balance of asset is debit balance

Increase in liability is credited and so the normal balance of liability is credit balance

Increase in stockholder’s equity and so the normal balance of stockholders’ equity is credit balance

Increase in expense and so the normal balance of expense is debit balance

Increase in income and so the normal balance of revenue is credit balance

To Identify: (a) Normal balances of accounts and (b) the other account that ordinarily would be involved in given transaction.

(b)(1)

To determine

Identify the other account that ordinarily would be involved.

Accounts Receivable is increased.

(b) (2)

To determine

Interest expense is increased.

(b) (3)

To determine

Salaries and Wages Payable is decreased.

(b) (4)

To determine

Service Revenue is increased.

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Answer 2

Question

Chapter 2, Problem 2.3EYCT

(a)

To determine

Normal Balance: It is that balance of an account that it normally indicates an increase in the value, such as,

Increase in asset is debited and so the normal balance of asset is debit balance

Increase in liability is credited and so the normal balance of liability is credit balance

Increase in stockholder’s equity and so the normal balance of stockholders’ equity is credit balance

Increase in expense and so the normal balance of expense is debit balance

Increase in income and so the normal balance of revenue is credit balance

To Identify: (a) Normal balances of accounts and (b) the other account that ordinarily would be involved in given transaction.

(b)(1)

To determine

Identify the other account that ordinarily would be involved.

Accounts Receivable is increased.

(b) (2)

To determine

Interest expense is increased.

(b) (3)

To determine

Salaries and Wages Payable is decreased.

(b) (4)

To determine

Service Revenue is increased.

Expert Solution & Answer

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Answer 3

Question

Chapter 2, Problem 2.3EYCT

(a)

To determine

Normal Balance: It is that balance of an account that it normally indicates an increase in the value, such as,

Increase in asset is debited and so the normal balance of asset is debit balance

Increase in liability is credited and so the normal balance of liability is credit balance

Increase in stockholder’s equity and so the normal balance of stockholders’ equity is credit balance

Increase in expense and so the normal balance of expense is debit balance

Increase in income and so the normal balance of revenue is credit balance

To Identify: (a) Normal balances of accounts and (b) the other account that ordinarily would be involved in given transaction.

(b)(1)

To determine

Identify the other account that ordinarily would be involved.

Accounts Receivable is increased.

(b) (2)

To determine

Interest expense is increased.

(b) (3)

To determine

Salaries and Wages Payable is decreased.

(b) (4)

To determine

Service Revenue is increased.

Expert Solution & Answer

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Answer 4

Question

Chapter 2, Problem 2.3EYCT

(a)

To determine

Normal Balance: It is that balance of an account that it normally indicates an increase in the value, such as,

Increase in asset is debited and so the normal balance of asset is debit balance

Increase in liability is credited and so the normal balance of liability is credit balance

Increase in stockholder’s equity and so the normal balance of stockholders’ equity is credit balance

Increase in expense and so the normal balance of expense is debit balance

Increase in income and so the normal balance of revenue is credit balance

To Identify: (a) Normal balances of accounts and (b) the other account that ordinarily would be involved in given transaction.

(b)(1)

To determine

Identify the other account that ordinarily would be involved.

Accounts Receivable is increased.

(b) (2)

To determine

Interest expense is increased.

(b) (3)

To determine

Salaries and Wages Payable is decreased.

(b) (4)

To determine

Service Revenue is increased.

Expert Solution & Answer

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Answer 5

Chapter 2, Problem 2.3EYCT

(a)

To determine

Normal Balance: It is that balance of an account that it normally indicates an increase in the value, such as,

Increase in asset is debited and so the normal balance of asset is debit balance

Increase in liability is credited and so the normal balance of liability is credit balance

Increase in stockholder’s equity and so the normal balance of stockholders’ equity is credit balance

Increase in expense and so the normal balance of expense is debit balance

Increase in income and so the normal balance of revenue is credit balance

To Identify: (a) Normal balances of accounts and (b) the other account that ordinarily would be involved in given transaction.

(b)(1)

To determine

Identify the other account that ordinarily would be involved.

Accounts Receivable is increased.

(b) (2)

To determine

Interest expense is increased.

(b) (3)

To determine

Salaries and Wages Payable is decreased.

(b) (4)

To determine

Service Revenue is increased.

Answer 6

Chapter 2, Problem 2.3EYCT

(a)

To determine

Normal Balance: It is that balance of an account that it normally indicates an increase in the value, such as,

Increase in asset is debited and so the normal balance of asset is debit balance

Increase in liability is credited and so the normal balance of liability is credit balance

Increase in stockholder’s equity and so the normal balance of stockholders’ equity is credit balance

Increase in expense and so the normal balance of expense is debit balance

Increase in income and so the normal balance of revenue is credit balance

To Identify: (a) Normal balances of accounts and (b) the other account that ordinarily would be involved in given transaction.

Answer 7

Chapter 2, Problem 2.3EYCT

(a)

To determine

Normal Balance: It is that balance of an account that it normally indicates an increase in the value, such as,

Increase in asset is debited and so the normal balance of asset is debit balance

Increase in liability is credited and so the normal balance of liability is credit balance

Increase in stockholder’s equity and so the normal balance of stockholders’ equity is credit balance

Increase in expense and so the normal balance of expense is debit balance

Increase in income and so the normal balance of revenue is credit balance

To Identify: (a) Normal balances of accounts and (b) the other account that ordinarily would be involved in given transaction.

Answer 8

(b)(1)

To determine

Identify the other account that ordinarily would be involved.

Accounts Receivable is increased.

Answer 9

(b)(1)

To determine

Identify the other account that ordinarily would be involved.

Accounts Receivable is increased.

Answer 10

(b) (2)

To determine

Interest expense is increased.

Answer 11

(b) (2)

To determine

Interest expense is increased.

Answer 12

(b) (3)

To determine

Salaries and Wages Payable is decreased.

Answer 13

(b) (3)

To determine

Salaries and Wages Payable is decreased.

Answer 14

(b) (4)

To determine

Service Revenue is increased.

Answer 15

(b) (4)

To determine

Service Revenue is increased.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

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Identify the other account that ordinarily would be involved.

Accounts Receivable is increased.

Interest expense is increased.

Salaries and Wages Payable is decreased.

Service Revenue is increased.

Want to see the full answer?

Chapter 2 Solutions

Videos

Identify the other account that ordinarily would be involved. Accounts Receivable is increased.

Interest expense is increased.

Salaries and Wages Payable is decreased.

Service Revenue is increased.

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Chapter 2 Solutions

Identify the other account that ordinarily would be involved.

Accounts Receivable is increased.