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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

LO3 Increases in owner’s equity are entered as credits.

To determine

Identify whether the given statement is true or false.

Explanation

Normal balance:

Normal balance refers to the excess of amount on one side, over the amount on the other side of 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.

Types of accountNormal balance
AssetsDebit
LiabilitiesCredit
Owner’ equityCredit
CapitalCredit
RevenueCredit
ExpenseDebit
DrawingsDebit

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