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 Identify: Account of debit and credit for each transaction.

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Chapter 3, Problem 3.8MCP

To determine

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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 Identify: Account of debit and credit for each transaction.

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