Explanation 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. Table (1) Indicate normal balance of the given accounts as follows: Table (2) a. Interest receivable: Interest receivable is an assets account; hence, normal balance of interest receivable is debit. b. Interest revenue: Interest revenue is a revenue account and it increased the value of stockholder’s equity . Hence normal balance of interest revenue is credit. c. Prepaid insurance: Prepaid insurance is an assets account; hence, normal balance of prepaid insurance is debit. d. Land: Land is an assets account; hence, normal balance of land is debit. e. Salaries payable: Salaries payable is a liabilities account, hence normal balance of salaries payable is credit. f. Salaries expense: Salaries expense is an expense account and it decreased the value of stockholder’s equity. Hence, normal balance of salaries expense is debit. g. Supplies expense: Supplies expense is an expense account and it decreased the value of stockholder’s equity. Hence, normal balance of supplies expense is debit. h. Consulting revenue: Consulting revenue is a revenue account and it increased the value of stockholder’s equity. Hence normal balance of consulting revenue is credit. i. Utilities payable: Utilities payable is a liabilities account, hence normal balance of utilities payable is credit...

Fundamental Financial Accounting Concepts

10th Edition

ISBN: 9781260159028

Author: Edmonds

Publisher: MCG

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Chapter 3, Problem 25AP

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Indicate normal balance of the given accounts.

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Chapter 3, Problem 24AE

Chapter 3, Problem 26AP

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Chapter 3 Solutions

Fundamental Financial Accounting Concepts

Ch. 3 - Prob. 1Q Ch. 3 - Prob. 2Q Ch. 3 - Prob. 3Q Ch. 3 - Prob. 4Q Ch. 3 - Prob. 5Q Ch. 3 - Prob. 6Q Ch. 3 - Prob. 7Q Ch. 3 - Prob. 8Q Ch. 3 - Prob. 9Q Ch. 3 - Prob. 10Q

Ch. 3 - Prob. 11Q Ch. 3 - Prob. 12Q Ch. 3 - Prob. 13Q Ch. 3 - Prob. 14Q Ch. 3 - Prob. 15Q Ch. 3 - Prob. 16Q Ch. 3 - Prob. 17Q Ch. 3 - Prob. 18Q Ch. 3 - Prob. 19Q Ch. 3 - Prob. 20Q Ch. 3 - Prob. 21Q Ch. 3 - Prob. 22Q Ch. 3 - Prob. 1AE Ch. 3 - Prob. 2AE Ch. 3 - Prob. 3AE Ch. 3 - Prob. 4AE Ch. 3 - Prob. 5AE Ch. 3 - Prob. 6AE Ch. 3 - Prob. 7AE Ch. 3 - Prob. 8AE Ch. 3 - Prob. 9AE Ch. 3 - Prob. 10AE Ch. 3 - Prob. 11AE Ch. 3 - Prob. 12AE Ch. 3 - Prob. 13AE Ch. 3 - Prob. 14AE Ch. 3 - Prob. 15AE Ch. 3 - Prob. 16AE Ch. 3 - Prob. 17AE Ch. 3 - Prob. 18AE Ch. 3 - Prob. 19AE Ch. 3 - Prob. 20AE Ch. 3 - Prob. 21AE Ch. 3 - Prob. 22AE Ch. 3 - Prob. 23AE Ch. 3 - Prob. 24AE Ch. 3 - Prob. 25AP Ch. 3 - Prob. 26AP Ch. 3 - Prob. 27AP Ch. 3 - Prob. 28AP Ch. 3 - Prob. 29AP Ch. 3 - Prob. 30AP Ch. 3 - Prob. 31AP Ch. 3 - Prob. 32AP Ch. 3 - Prob. 33AP Ch. 3 - Prob. 34AP Ch. 3 - Prob. 35AP Ch. 3 - Prob. 36AP Ch. 3 - Prob. 1BE Ch. 3 - Prob. 2BE Ch. 3 - Prob. 3BE Ch. 3 - Prob. 4BE Ch. 3 - Prob. 5BE Ch. 3 - Prob. 6BE Ch. 3 - Prob. 7BE Ch. 3 - Prob. 8BE Ch. 3 - Prob. 9BE Ch. 3 - Prob. 10BE Ch. 3 - Prob. 11BE Ch. 3 - Prob. 12BE Ch. 3 - Prob. 13BE Ch. 3 - Prob. 14BE Ch. 3 - Prob. 15BE Ch. 3 - Prob. 16BE Ch. 3 - Prob. 17BE Ch. 3 - Prob. 18BE Ch. 3 - Prob. 19BE Ch. 3 - Prob. 20BE Ch. 3 - Prob. 21BE Ch. 3 - Prob. 22BE Ch. 3 - Prob. 23BE Ch. 3 - Prob. 24BE Ch. 3 - Prob. 25BP Ch. 3 - Prob. 26BP Ch. 3 - Prob. 27BP Ch. 3 - Prob. 28BP Ch. 3 - Prob. 29BP Ch. 3 - Prob. 30BP Ch. 3 - Prob. 31BP Ch. 3 - Prob. 32BP Ch. 3 - Prob. 33BP Ch. 3 - Prob. 34BP Ch. 3 - Prob. 35BP Ch. 3 - Prob. 36BP Ch. 3 - Prob. 1ATC Ch. 3 - Prob. 3ATC Ch. 3 - Prob. 4ATC Ch. 3 - Prob. 5ATC Ch. 3 - Prob. 6ATC Ch. 3 - Prob. 7ATC Ch. 3 - Prob. 9ATC Ch. 3 - Prob. 10ATC Ch. 3 - Prob. 1CP

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