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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 47
Normal account balances
The accounting equation includes three basic types of accounts: assets, liabilities, and stockholders' equity. In turn, stockholders' equity holds the following types: common stock, retained earnings, dividends, revenues, and expenses.
Requirement
1. Identify which types of accounts have a normal debit balance and which types have a normal credit balance.
The accounting equation includes three basic types of accounts: assets, liabilities, and stockholders' equity. In turn, stockholders' equity holds the following types: common stock, retained earnings, dividends, revenues, and expenses.
Requirement
1. Identify which types of accounts have a normal debit balance and which types have a normal credit balance.
Explanation
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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