Normal balance: Normal balance refers to the heavier side of an account. When an account shows balance on the left side of the account, it has a normal debit balance. Similarly, when an account shows balance on the right side of the account, it has a normal credit balance. Usually, all asset accounts have normal debit balance, and all the liabilities, and stockholders’ equity accounts have normal credit balance. To determine : The normal balance for each account and the increase, and decrease side of each account.

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Answer 1

Question

Chapter 3, Problem 3.1EYCT

(a)

To determine

Normal balance:

Normal balance refers to the heavier side of an account. When an account shows balance on the left side of the account, it has a normal debit balance. Similarly, when an account shows balance on the right side of the account, it has a normal credit balance. Usually, all asset accounts have normal debit balance, and all the liabilities, and stockholders’ equity accounts have normal credit balance.

To determine: The normal balance for each account and the increase, and decrease side of each account.

(b)

To determine

To identify: The other probable account involved in the transaction and the effects of that account.

(c)

To determine

To identify: The other account that ordinarily involved.

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account_circle Business AccountingQ&A LibraryShown below are selected financial data for Company a and Company B at the end of the current Company A Net credit sales 675,000 Cost of goods sold 504,000 Cash 53,000 Accounts receivable 75,000 Shown below are selected financial data for Company a and Company B at the end of the current Company A Net credit sales 675,000 Cost of goods sold 504,000 Cash 53,000 Accounts receivable 75,000 Question Shown below are selected financial data for Company a and Company B at the end of the current Company A Net credit sales 675,000 Cost of goods sold 504,000 Cash 53,000 Accounts receivable 75,000 Inventory 84,000 Current liabilities 105,000 Company B Net credit sales 560,000 Cost of goods sold 480,000 Cash 22,000 Accounts receivable 70,000 Inventory 160,000 Current liabilities 100,000 A) calculate inventory turnover rate for company A and B

1

Answer is C. How is the Answer 18.34 explain math computations thoroughly.

Answer 2

Question

Chapter 3, Problem 3.1EYCT

(a)

To determine

Normal balance:

Normal balance refers to the heavier side of an account. When an account shows balance on the left side of the account, it has a normal debit balance. Similarly, when an account shows balance on the right side of the account, it has a normal credit balance. Usually, all asset accounts have normal debit balance, and all the liabilities, and stockholders’ equity accounts have normal credit balance.

To determine: The normal balance for each account and the increase, and decrease side of each account.

(b)

To determine

To identify: The other probable account involved in the transaction and the effects of that account.

(c)

To determine

To identify: The other account that ordinarily involved.

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Answer 3

Question

Chapter 3, Problem 3.1EYCT

(a)

To determine

Normal balance:

Normal balance refers to the heavier side of an account. When an account shows balance on the left side of the account, it has a normal debit balance. Similarly, when an account shows balance on the right side of the account, it has a normal credit balance. Usually, all asset accounts have normal debit balance, and all the liabilities, and stockholders’ equity accounts have normal credit balance.

To determine: The normal balance for each account and the increase, and decrease side of each account.

(b)

To determine

To identify: The other probable account involved in the transaction and the effects of that account.

(c)

To determine

To identify: The other account that ordinarily involved.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 3.1EYCT

(a)

To determine

Normal balance:

Normal balance refers to the heavier side of an account. When an account shows balance on the left side of the account, it has a normal debit balance. Similarly, when an account shows balance on the right side of the account, it has a normal credit balance. Usually, all asset accounts have normal debit balance, and all the liabilities, and stockholders’ equity accounts have normal credit balance.

To determine: The normal balance for each account and the increase, and decrease side of each account.

(b)

To determine

To identify: The other probable account involved in the transaction and the effects of that account.

(c)

To determine

To identify: The other account that ordinarily involved.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 3.1EYCT

(a)

To determine

Normal balance:

Normal balance refers to the heavier side of an account. When an account shows balance on the left side of the account, it has a normal debit balance. Similarly, when an account shows balance on the right side of the account, it has a normal credit balance. Usually, all asset accounts have normal debit balance, and all the liabilities, and stockholders’ equity accounts have normal credit balance.

To determine: The normal balance for each account and the increase, and decrease side of each account.

(b)

To determine

To identify: The other probable account involved in the transaction and the effects of that account.

(c)

To determine

To identify: The other account that ordinarily involved.

Answer 6

Chapter 3, Problem 3.1EYCT

(a)

To determine

Normal balance:

Normal balance refers to the heavier side of an account. When an account shows balance on the left side of the account, it has a normal debit balance. Similarly, when an account shows balance on the right side of the account, it has a normal credit balance. Usually, all asset accounts have normal debit balance, and all the liabilities, and stockholders’ equity accounts have normal credit balance.

To determine: The normal balance for each account and the increase, and decrease side of each account.

Answer 7

Chapter 3, Problem 3.1EYCT

(a)

To determine

Normal balance:

Normal balance refers to the heavier side of an account. When an account shows balance on the left side of the account, it has a normal debit balance. Similarly, when an account shows balance on the right side of the account, it has a normal credit balance. Usually, all asset accounts have normal debit balance, and all the liabilities, and stockholders’ equity accounts have normal credit balance.

To determine: The normal balance for each account and the increase, and decrease side of each account.

Answer 8

(b)

To determine

To identify: The other probable account involved in the transaction and the effects of that account.

Answer 9

(b)

To determine

To identify: The other probable account involved in the transaction and the effects of that account.

Answer 10

(c)

To determine

To identify: The other account that ordinarily involved.

Answer 11

(c)

To determine

To identify: The other account that ordinarily involved.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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 explains that normal balance refers to the heavier side of an account, and their effects when there is an increase or decrease in the inventories, accounts payable and accounts receivable.

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To identify: The other probable account involved in the transaction and the effects of that account.

To identify: The other account that ordinarily involved.

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