The normal balance of an account is on the Debit side of the account Side represented by increase in the account balance Side represented by decrease in the account balance O Credit side of the account with explanation please

The normal balance of an account is on the Debit side of the account Side represented by increase in the account balance Side represented by decrease in the account balance O Credit side of the account with explanation please

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 14PA: Prepare an adjusted trial balance from the adjusted account balances; solve for the one missing...

See similar textbooks

Related questions

Q: On December 31, 2021 what is the adjusted cash in bank? In an audit of Danao Company on Dec. 31, 202...

A: Answer - Adjusted Book Balance - A bank reconciliation is a schedule each company prepares to re...

Q: The following information is available for the pension plan of Vaughn Company for the year 2020. A...

A: Solution:- Preparation of the journal entry to record pension expense and the employer’s contributio...

Q: Explain why most companies use the straight-line method, despite the benefits of accelerated depreci...

A: Accelerated depreciation is a type of method of depreciation in which an asset's book value deprecia...

Q: The company recorded a net loss of P175,000 for the year just ended. Total operating expenses was P3...

A: Gross sales are the total of sale transactions before discount, sales return and sales allowance.

Q: ,500 into a bank account that paid an interest rate of 5.5 ths. Find the interest earned after 3 yea...

A: Interest earned = Future Value of sum - Principal amount Future Value = P *(1*i)^n Principal amount ...

Q: FDN Company reported Accounts Receivable of P10,000,000 on December 31, 2021. Allowance for Doubtful...

A: Total estimated uncollectible accounts = Accounts receivable x Percent uncollectible Allowance for d...

Q: Below is an incomplete Statement of Financial Position for a company at the end of 2020. ...

A: As per batleby policy if there are more than 3 subparts then we are allowed to do only first 3 sub...

Q: Prepare a bank reconciliation for October 31, 20XE

A: Bank reconciliation statement is prepared to adjust for the differences between bank balance and the...

Q: Peter Corp acquired the net identifiable assets of Simon Corp by issuing its own 5,000 ordinary shar...

A: According to IFRS 3, Acquisition-related costs incurred by the acquiring company to effect the busin...

Q: The company recorded a net loss of P245,000 for the year just ended. Total operating expenses was P3...

A: Formula: Net Profit = Gross Sales – Sales Discounts – Cost of Sales – Operating Expenses

Q: On March 1, the actual cash received from cash sales was $25,538, and the amount indicated by the ca...

A: The practice of recording financial activity for the first time in the books of accounts is known as...

Q: 34. In a defined-contribution plan, a formula is used that defines the benefits that the employee...

A: The defined contribution plan is strategized to benefit the employees during the time of retirement....

Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and s...

A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sell ou...

Q: he following table gives Foust Company's earnings per share for the last 10 years. The common stock,...

A: Growth rate = $4.21-$3.90 $3.90×100 = $4.55 - $4.21$4.21×100 = $4.91 - $4.55$4.55×100 =$5.31 -$4.91$...

Q: Alfredo Company purchased a new 3-D printer for $877,000. Although this printer is expected to last ...

A: Depreciation is used to denote decrease in value of asset but in accounting term is used to denote d...

Q: 35. In a defined-benefit plan, a formula is used that defines the contribution the employer is to...

A: solution concept defined-benefit plan defined-benefit plan is a plan where the benefit t...

Q: Growth rate used in forecasting the sales in formula in computing the Additional Funds Needed should...

A: Answer: Growth rate used in forecasting the sales in formula in computing the Additional Funds Neede...

Q: Question 26-32

A: Cash flow is the net amount of cash or money being transferred in or out of business Cash received...

Q: FDN Company received a four-month note receivable in the amount of PHP41,000,000 on September 1. The...

A: Accrued Income : Accrued Incomes are those incomes which have been earned during the accounting peri...

Q: Bonita Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for ...

A: The question is based on the concept of Financial Accounting.

Q: Sprint Shoes Inc. had a beginning inventory of 9,700 units on January 1, 20X1. The costs associated ...

A: The inventory valuation is based on the flow of inventory. The LIFO method says that recently purcha...

Q: QUESTION 24 The U.S. Labor Department filed a complaint against Swatch Group alleging that the Swiss...

A: The U.S. labour Department filled a complaint against swatch group alleging. Following is answer.

Q: FIII In the Blank Questlon A company purchased $300 of supplies on account. This transaction would b...

A: Supplies is a current asset with a normal debit balance. When a company purchases on account, the li...

Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and s...

A: Solution 4: Computation of ending inventory COGS under FIFO - Warnerwoods Co Date Beginning Inv...

Q: Following are examples of control deficiencies that may represent significant deficiencies or materi...

A: Whether a deficiency is classified as a significant deficiency or a material weakness is determined ...

Q: Barton Industries expects next year's annual dividend, D1, to be $2.50 and it expects dividends to g...

A: Cost of Retained Earnings: The cost of retained profits is the expense to a firm of funds that have ...

Q: YellowCard Property Managers operates upscale student apartment buildings. On May 1, 2020, Cheyenne ...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: Which of the following statements related to multiple-step Statement of Profit or Loss is not true? ...

A: A multiple-step income statement reports a company's revenues, expenses and overall profit or loss f...

Q: To connect with critical customers and suppliers, many large firms employ electronic data interchang...

A: Answer: Electronic Data Interchange (EDI) is the implementation of the software that enables the ele...

Q: What are the reasons which cause investor managing their portfolios passively to make changes their ...

A: Answer: There are two types of investors: Active Passive Passive investors are those who invests i...

Q: Which of the following adjusting entries prepared on December 31, 2021 (without amounts and explanat...

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized i...

Q: Leather is a primary material used by PT Juri for the manufacture of shoes. Leather inventory at 31 ...

A: The inventory should be valued at cost or net realizable value whichever ia lower, therefore, the in...

Q: Use the following to answer questions 9 -11 On August 31st, the general ledger of MT shows a balance...

A: Introduction:- MT's general ledger indicates a cash balance of $18,000. Cash receipts total $3,500, ...

Q: 6. ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash Supplies Prepaid Insurance Equipment 5,710.00 209.00 ...

A: The income statement has temporary accounts such as revenues and expenses, which can not be transfer...

Q: Exercise 3-2 (Division of Profit; Interest on Average Capital) Danica and Jenson are partners. Their...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: Six months after President Duterte signed the Rice Liberalization Law which allows private, foreign ...

A: Rice liberalization laws allows the traders to import rice from other countries. This increases the ...

Q: ABC Corporation issued 20 year callable bonds with 100,000 face value each. it has a coupon rate of ...

A: Current Price of Bond: The price of a bond is the current discounted value of the future cash flow t...

Q: At what nominal interest rate will money double in 8 years if interest is compounded quarterly? What...

A: Solution Given Rate of interest compounded quarterly =? Number of yea...

Q: Soufian, a senior account executive is spending more money than he can afford. He is the authorized ...

A: An organization needs certain manual and automated steps in the smooth functioning of the business o...

Q: Norman Company produced 1,000 units of a product which was sold at a price of P95.00 each. Total sel...

A: Conversion costs are costs related with direct labour and manufacturing overhead of the business. Co...

Q: SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands of Wire...

A: Perpetual inventory system or method for inventory/stock method which records the sale and purchase ...

Q: Work in Process Inventory Costs Beginning Inventory Costs Inventory Costs Added During 142500 Conver...

A: Equivalent units are uncompleted units which are considered as complete units on the basis of percen...

Q: In a defined-benefit plan, the process of funding refers to determining the projected benefit obli...

A: Pension plan refers to the plans or scheme sponsored by the employers for the retirement benefits of...

Q: Which of the following statements is correct about closing entries?

A: The answer for the multiple choice question and relevant explanation are presented hereunder : At th...

Q: ,000 cash, office equipment wi- uny in exchange for common stoc. 00 for an office by paying $6,. Bin...

A: The journal entry is given as,

Q: For each of the summarized transactions for the Village of Sycamore General Fund, prepare the genera...

A: SOLUTION A JOURNAL IS AN COMPANY'S OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTIONS ARE RECORDED IN ...

Q: Selected accounts from Phipps Corporation’s trial balance are as follows. Phipps Corporation Trial ...

A: Current assets are those that are expected to be received within 12 months from the end of the repor...

Q: Average Cost per Unit Direct materials Direct labor Variable manufacturing overhead Fixed manufactur...

A: Incremental selling and administrative cost is the additional cost occurred on selling one more unit...

Q: 1. At year-end, Barr Company had shipped $12,500 of merchandise FOB destination to Lee Company. Whic...

A: The question is based on the concept of Financial Accounting.

Q: grow 7% per year. Callahan's common stock currently sells for $29.75 per share; its last dividend wa...

A: Discounted cash flow method is used to determine the cost of equity by using future cash flows. This...

Question

The normal balance of an account is on the

Debit side of the account

Side represented by increase in the account balance

Side represented by decrease in the account balance

O Credit side of the account

with explanation please

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Normal Account Balances Each account has a normal balance. For the following list of accounts, indicate whether the normal balance of each is a debit or a credit.
Indicate by a (+), (), or (0) whether each of the following events would most likely cause accounts receivable (AR), sales, and profits to increase, decrease, or be affected in an indeterminate manner:
Indicate how changes in the following types of accounts would be recorded (Dr for debit; Cr for credit). Table 3.18
NORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following accounts: 1. Cash 2. Rent Expense 3. Notes Payable 4. Owners Drawing 5. Accounts Receivable 6. Owners Capital 7. Tools
Which of these accounts commonly requires both debit and credit entries? A. Sales Revenue B. Utilities Expense C. Accounts Receivable D. Common Stock
What is the impact on the accounting equation when a payment of account payable is made? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changes
Which of the following statements is correct? a. Increases to cash are shown on the right side of the account. b. Decreases to accounts payable are shown on the right side of the account. c. Decreases to supplies are shown on the right side of the account. d. Increases to rent expense are shown on the right side of the account.
For the following accounts indicate whether the normal balance is a debit or a credit. A. Unearned Revenue B. Interest Expense C. Rent Expense D. Rent Revenue E. Accounts Payable F. Cash G. Supplies H. Accounts Payable I. Equipment J. Utilities Expense
What does an accounts normal balance indicate?
Prepare an adjusted trial balance from the following adjusted account balances (assume accounts have normal balances).
Prepare an adjusted trial balance from the adjusted account balances; solve for the one missing account balance: Cash (assume accounts have normal balances).
Explain what is meant by the term nominal accounts (also known as temporary accounts).