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Cornerstones of Financial Accounti...

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Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Exercise 2-46 Normal Balances and Financial Statements

The following accounts are available for Haubstadt Shoe Works:

Chapter 2, Problem 46E, Exercise 2-46 Normal Balances and Financial Statements The following accounts are available for , example  1

Required;

Using a table like the one below, indicate whether each account normally has a debit or credit balance and indicate on which of the financial statements (income statement. retained earnings statement. or balance sheet) each account appears.

Chapter 2, Problem 46E, Exercise 2-46 Normal Balances and Financial Statements The following accounts are available for , example  2

To determine

Normal Balance:

A normal balance is the usual and expected balance to be shown on the debit or credit side of a particular account. The normal balance of asset and expense accounts is shown on the debit side and liabilities and equity accounts are shown on the credit side.

Indicate the normal balance of the account and the effect of a debit or a credit on the account.

Explanation

Permanent Account: The accounts which continue to exist and carry forward at the end of every accounting period are called permanent account.

Temporary Account: All the accounts which are close at the end of every accounting period are called temporary account. Temporary accounts have zero balance at the beginning of an accounting period...

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