Normal balance of accounts: Normal balance refers to the side of the account that is positive or increasing. Debit balance means, the specific account’s debit side total exceeds the credit side total. Credit balances means the specific account credit side total exceeds the debit side total. Assets, expenses, and dividends accounts normally show the debit balances, and liabilities, stocks, and revenue accounts normally show the credit balances. To determine: whethereach of the following account would have a normal debit or credit balance.

Question

Want to see the full answer?

Answer 1

Question

Chapter 3, Problem 3.3EYCT

(a)

To determine

Normal balance of accounts:

Normal balance refers to the side of the account that is positive or increasing. Debit balance means, the specific account’s debit side total exceeds the credit side total. Credit balances means the specific account credit side total exceeds the debit side total. Assets, expenses, and dividends accounts normally show the debit balances, and liabilities, stocks, and revenue accounts normally show the credit balances.

To determine: whethereach of the following account would have a normal debit or credit balance.

(b)

To determine

To identify: The other account ordinarily involved.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Please solve this question general accounting

General accounting

Need help with this general accounting question

Answer 2

Question

Chapter 3, Problem 3.3EYCT

(a)

To determine

Normal balance of accounts:

Normal balance refers to the side of the account that is positive or increasing. Debit balance means, the specific account’s debit side total exceeds the credit side total. Credit balances means the specific account credit side total exceeds the debit side total. Assets, expenses, and dividends accounts normally show the debit balances, and liabilities, stocks, and revenue accounts normally show the credit balances.

To determine: whethereach of the following account would have a normal debit or credit balance.

(b)

To determine

To identify: The other account ordinarily involved.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 3, Problem 3.3EYCT

(a)

To determine

Normal balance of accounts:

Normal balance refers to the side of the account that is positive or increasing. Debit balance means, the specific account’s debit side total exceeds the credit side total. Credit balances means the specific account credit side total exceeds the debit side total. Assets, expenses, and dividends accounts normally show the debit balances, and liabilities, stocks, and revenue accounts normally show the credit balances.

To determine: whethereach of the following account would have a normal debit or credit balance.

(b)

To determine

To identify: The other account ordinarily involved.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem 3.3EYCT

(a)

To determine

Normal balance of accounts:

Normal balance refers to the side of the account that is positive or increasing. Debit balance means, the specific account’s debit side total exceeds the credit side total. Credit balances means the specific account credit side total exceeds the debit side total. Assets, expenses, and dividends accounts normally show the debit balances, and liabilities, stocks, and revenue accounts normally show the credit balances.

To determine: whethereach of the following account would have a normal debit or credit balance.

(b)

To determine

To identify: The other account ordinarily involved.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem 3.3EYCT

(a)

To determine

Normal balance of accounts:

Normal balance refers to the side of the account that is positive or increasing. Debit balance means, the specific account’s debit side total exceeds the credit side total. Credit balances means the specific account credit side total exceeds the debit side total. Assets, expenses, and dividends accounts normally show the debit balances, and liabilities, stocks, and revenue accounts normally show the credit balances.

To determine: whethereach of the following account would have a normal debit or credit balance.

(b)

To determine

To identify: The other account ordinarily involved.

Answer 6

Chapter 3, Problem 3.3EYCT

(a)

To determine

Normal balance of accounts:

Normal balance refers to the side of the account that is positive or increasing. Debit balance means, the specific account’s debit side total exceeds the credit side total. Credit balances means the specific account credit side total exceeds the debit side total. Assets, expenses, and dividends accounts normally show the debit balances, and liabilities, stocks, and revenue accounts normally show the credit balances.

To determine: whethereach of the following account would have a normal debit or credit balance.

Answer 7

Chapter 3, Problem 3.3EYCT

(a)

To determine

Normal balance of accounts:

Normal balance refers to the side of the account that is positive or increasing. Debit balance means, the specific account’s debit side total exceeds the credit side total. Credit balances means the specific account credit side total exceeds the debit side total. Assets, expenses, and dividends accounts normally show the debit balances, and liabilities, stocks, and revenue accounts normally show the credit balances.

To determine: whethereach of the following account would have a normal debit or credit balance.

Answer 8

(b)

To determine

To identify: The other account ordinarily involved.

Answer 9

(b)

To determine

To identify: The other account ordinarily involved.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

Want to see the full answer?

Check out a sample textbook solution

See solution

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 determines the normal balance of the listed accounts of WM Company as follows: Debit balance, Cash and cash equivalents, and Accounts payable.

Videos

To identify: The other account ordinarily involved.

Want to see the full answer?

Chapter 3 Solutions