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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 2, Problem 4E
Textbook Problem
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Rules of debit and credit

The following table summarizes the rules of debit and credit. For each of the items a through l, indicate whether the proper answer is a debit or a credit.

Chapter 2, Problem 4E, Rules of debit and credit The following table summarizes the rules of debit and credit. For each of

To determine

Indicate whether the proper answer is debit or credit.

Explanation of Solution

Normal balance:

Normal balance refers to the excess of amount on one side, over the amount on the other side in an account. The excess amount of debit side over the credit side is shown as the normal debit balance. The excess amount of credit side over the debit side is shown as the normal credit balance.

Type of accountNormal balance
Asset accountDebit balance
Liability accountCredit balance

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Chapter 2 Solutions

Financial And Managerial Accounting
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