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.

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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.

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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.

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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.

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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.

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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

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Answer 11

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Answer 12

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Answer 13

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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.

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To identify: The other account ordinarily involved.

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Chapter 3 Solutions