Normal balance: Normal balance refers to the heavier side of an account. When an account shows balance on the left side of the account, it has a normal debit balance. Similarly, when an account shows balance on the right side of the account, it has a normal credit balance. Usually, all asset accounts have normal debit balance, and all the liabilities, and stockholders’ equity accounts have normal credit balance. To determine : The normal balance for each account and the increase, and decrease side of each account.

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Answer 1

Question

Chapter 3, Problem 3.1EYCT

(a)

To determine

Normal balance:

Normal balance refers to the heavier side of an account. When an account shows balance on the left side of the account, it has a normal debit balance. Similarly, when an account shows balance on the right side of the account, it has a normal credit balance. Usually, all asset accounts have normal debit balance, and all the liabilities, and stockholders’ equity accounts have normal credit balance.

To determine: The normal balance for each account and the increase, and decrease side of each account.

(b)

To determine

To identify: The other probable account involved in the transaction and the effects of that account.

(c)

To determine

To identify: The other account that ordinarily involved.

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The financial statements of Sunland Manufacturing Company report net sales of $1277500 and accounts receivable of $71000 and $69000 at the beginning and end of the year, respectively. What is the average collection period for accounts receivable in days? A. 20.30 B. 40.00 C. 19.70 D. 20.00

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Answer 2

Question

Chapter 3, Problem 3.1EYCT

(a)

To determine

Normal balance:

Normal balance refers to the heavier side of an account. When an account shows balance on the left side of the account, it has a normal debit balance. Similarly, when an account shows balance on the right side of the account, it has a normal credit balance. Usually, all asset accounts have normal debit balance, and all the liabilities, and stockholders’ equity accounts have normal credit balance.

To determine: The normal balance for each account and the increase, and decrease side of each account.

(b)

To determine

To identify: The other probable account involved in the transaction and the effects of that account.

(c)

To determine

To identify: The other account that ordinarily involved.

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Answer 3

Question

Chapter 3, Problem 3.1EYCT

(a)

To determine

Normal balance:

Normal balance refers to the heavier side of an account. When an account shows balance on the left side of the account, it has a normal debit balance. Similarly, when an account shows balance on the right side of the account, it has a normal credit balance. Usually, all asset accounts have normal debit balance, and all the liabilities, and stockholders’ equity accounts have normal credit balance.

To determine: The normal balance for each account and the increase, and decrease side of each account.

(b)

To determine

To identify: The other probable account involved in the transaction and the effects of that account.

(c)

To determine

To identify: The other account that ordinarily involved.

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Answer 4

Question

Chapter 3, Problem 3.1EYCT

(a)

To determine

Normal balance:

Normal balance refers to the heavier side of an account. When an account shows balance on the left side of the account, it has a normal debit balance. Similarly, when an account shows balance on the right side of the account, it has a normal credit balance. Usually, all asset accounts have normal debit balance, and all the liabilities, and stockholders’ equity accounts have normal credit balance.

To determine: The normal balance for each account and the increase, and decrease side of each account.

(b)

To determine

To identify: The other probable account involved in the transaction and the effects of that account.

(c)

To determine

To identify: The other account that ordinarily involved.

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Answer 5

Chapter 3, Problem 3.1EYCT

(a)

To determine

Normal balance:

Normal balance refers to the heavier side of an account. When an account shows balance on the left side of the account, it has a normal debit balance. Similarly, when an account shows balance on the right side of the account, it has a normal credit balance. Usually, all asset accounts have normal debit balance, and all the liabilities, and stockholders’ equity accounts have normal credit balance.

To determine: The normal balance for each account and the increase, and decrease side of each account.

(b)

To determine

To identify: The other probable account involved in the transaction and the effects of that account.

(c)

To determine

To identify: The other account that ordinarily involved.

Answer 6

Chapter 3, Problem 3.1EYCT

(a)

To determine

Normal balance:

Normal balance refers to the heavier side of an account. When an account shows balance on the left side of the account, it has a normal debit balance. Similarly, when an account shows balance on the right side of the account, it has a normal credit balance. Usually, all asset accounts have normal debit balance, and all the liabilities, and stockholders’ equity accounts have normal credit balance.

To determine: The normal balance for each account and the increase, and decrease side of each account.

Answer 7

Chapter 3, Problem 3.1EYCT

(a)

To determine

Normal balance:

Normal balance refers to the heavier side of an account. When an account shows balance on the left side of the account, it has a normal debit balance. Similarly, when an account shows balance on the right side of the account, it has a normal credit balance. Usually, all asset accounts have normal debit balance, and all the liabilities, and stockholders’ equity accounts have normal credit balance.

To determine: The normal balance for each account and the increase, and decrease side of each account.

Answer 8

(b)

To determine

To identify: The other probable account involved in the transaction and the effects of that account.

Answer 9

(b)

To determine

To identify: The other probable account involved in the transaction and the effects of that account.

Answer 10

(c)

To determine

To identify: The other account that ordinarily involved.

Answer 11

(c)

To determine

To identify: The other account that ordinarily involved.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 3 - Prob. 1Q Ch. 3 - Can a business enter into a transaction that...Ch. 3 - Are the followingevents recorded in the accounting...Ch. 3 - Prob. 4Q Ch. 3 - Prob. 5Q Ch. 3 - Prob. 6Q Ch. 3 - Prob. 7Q Ch. 3 - Misty Reno, a beginning accounting student,...Ch. 3 - Prob. 9Q Ch. 3 - What is the normal balance for each of these...

Solution Summary: The author explains that normal balance refers to the heavier side of an account, and their effects when there is an increase or decrease in the inventories, accounts payable and accounts receivable.

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To identify: The other probable account involved in the transaction and the effects of that account.

To identify: The other account that ordinarily involved.

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Chapter 3 Solutions