Normal account balances classify the balance of specific account as debit balance or credit balance. Assets and expenses accounts have generally debit balance whereas liabilities and capital stock have credit balances. To Classify: The list of account titles as asset, liability, equity, expense or revenue. Also, state the normal balance for each.

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Answer 1

Question

Chapter 3, Problem 3.8E

To determine

Concept Introduction:

Normal account balances classify the balance of specific account as debit balance or credit balance. Assets and expenses accounts have generally debit balance whereas liabilities and capital stock have credit balances.

To Classify: The list of account titles as asset, liability, equity, expense or revenue. Also, state the normal balance for each.

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Answer 2

Question

Chapter 3, Problem 3.8E

To determine

Concept Introduction:

Normal account balances classify the balance of specific account as debit balance or credit balance. Assets and expenses accounts have generally debit balance whereas liabilities and capital stock have credit balances.

To Classify: The list of account titles as asset, liability, equity, expense or revenue. Also, state the normal balance for each.

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Check out a sample textbook solution

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Answer 3

Question

Chapter 3, Problem 3.8E

To determine

Concept Introduction:

Normal account balances classify the balance of specific account as debit balance or credit balance. Assets and expenses accounts have generally debit balance whereas liabilities and capital stock have credit balances.

To Classify: The list of account titles as asset, liability, equity, expense or revenue. Also, state the normal balance for each.

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Answer 4

Question

Chapter 3, Problem 3.8E

To determine

Concept Introduction:

Normal account balances classify the balance of specific account as debit balance or credit balance. Assets and expenses accounts have generally debit balance whereas liabilities and capital stock have credit balances.

To Classify: The list of account titles as asset, liability, equity, expense or revenue. Also, state the normal balance for each.

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Answer 5

Chapter 3, Problem 3.8E

To determine

Concept Introduction:

Normal account balances classify the balance of specific account as debit balance or credit balance. Assets and expenses accounts have generally debit balance whereas liabilities and capital stock have credit balances.

To Classify: The list of account titles as asset, liability, equity, expense or revenue. Also, state the normal balance for each.

Answer 6

Chapter 3, Problem 3.8E

To determine

Concept Introduction:

Normal account balances classify the balance of specific account as debit balance or credit balance. Assets and expenses accounts have generally debit balance whereas liabilities and capital stock have credit balances.

To Classify: The list of account titles as asset, liability, equity, expense or revenue. Also, state the normal balance for each.

Answer 7

Chapter 3, Problem 3.8E

To determine

Concept Introduction:

Normal account balances classify the balance of specific account as debit balance or credit balance. Assets and expenses accounts have generally debit balance whereas liabilities and capital stock have credit balances.

To Classify: The list of account titles as asset, liability, equity, expense or revenue. Also, state the normal balance for each.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 3 - Prob. 3.1E Ch. 3 - Prob. 3.2E Ch. 3 - Prob. 3.3E Ch. 3 - Prob. 3.4E Ch. 3 - Prob. 3.5E Ch. 3 - Prob. 3.6E Ch. 3 - Prob. 3.7E Ch. 3 - Prob. 3.8E Ch. 3 - Prob. 3.9E Ch. 3 - Prob. 3.10E

Solution Summary: The author explains that normal account balances classify the balance of specific account as debit balance or credit balance.

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