Normal balance: 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 accounts have normal credit balance. To determine : The normal balance for the company C, and company V:

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Answer 1

Question

Chapter 3, Problem 3.2EYCT

(a)

To determine

Normal balance:

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 accounts have normal credit balance.

To determine: The normal balance for the company C, and company V:

(b)

To determine

To identify: The other accounts ordinarily involved in the following transactions.

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Ming Chen started a business and had the following transactions in June. a. Owner invested $60,000 cash in the company along with $15,000 of equipment. b. The company paid $2,000 cash for rent of office space for the month. c. The company purchased $18,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected $1,600 cash. e. The company completed work for a client and sent a bill for $7,300 to be received within 30 days. f. The company purchased additional equipment for $5,000 cash. g. The company paid an assistant $2,400 cash as wages for the month. h. The company collected $4,500 cash as a partial payment for the amount owed by the client in transaction e. i. The company paid $18,000 cash to settle the liability created in transaction c. j. The owner withdrew $1,500 cash from the company for personal use.

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Answer 2

Question

Chapter 3, Problem 3.2EYCT

(a)

To determine

Normal balance:

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 accounts have normal credit balance.

To determine: The normal balance for the company C, and company V:

(b)

To determine

To identify: The other accounts ordinarily involved in the following transactions.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 3.2EYCT

(a)

To determine

Normal balance:

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 accounts have normal credit balance.

To determine: The normal balance for the company C, and company V:

(b)

To determine

To identify: The other accounts ordinarily involved in the following transactions.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 3.2EYCT

(a)

To determine

Normal balance:

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 accounts have normal credit balance.

To determine: The normal balance for the company C, and company V:

(b)

To determine

To identify: The other accounts ordinarily involved in the following transactions.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 3.2EYCT

(a)

To determine

Normal balance:

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 accounts have normal credit balance.

To determine: The normal balance for the company C, and company V:

(b)

To determine

To identify: The other accounts ordinarily involved in the following transactions.

Answer 6

Chapter 3, Problem 3.2EYCT

(a)

To determine

Normal balance:

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 accounts have normal credit balance.

To determine: The normal balance for the company C, and company V:

Answer 7

Chapter 3, Problem 3.2EYCT

(a)

To determine

Normal balance:

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 accounts have normal credit balance.

To determine: The normal balance for the company C, and company V:

Answer 8

(b)

To determine

To identify: The other accounts ordinarily involved in the following transactions.

Answer 9

(b)

To determine

To identify: The other accounts ordinarily involved in the following transactions.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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 how the normal balances for company C and company V are determined.

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To identify: The other accounts ordinarily involved in the following transactions.

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