Accounting Principles - Standalone book
Accounting Principles - Standalone book
12th Edition
ISBN: 9781118875056
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: WILEY
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Chapter 2, Problem 2.3BYP

(a)

To determine

Normal balance: It is that balance of an account that it normally possess in the books of accounts such as-

  • Asset has debit balance
  • Liability has credit balance
  • Stockholder’s equity has credit balance
  • Expense has debit balance
  • Income has credit balance

To identify: Normal balances of accounts that ordinarily would be involved in given transaction.

(b)

To determine

To identify: The other account that ordinarily would be involved in given transaction

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Accounting Principles - Standalone book

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