Determining Normal Balances For Assets & Liabilities

in Chapter 3 (Video 1 of 8)

10 minutes

A "normal" balance just means what side of the account the increases go on. Here we're going to determine normal for Assets and Liabilities.

This Video Mentioned Some Formulas

Assets = Liabilities + Shareholder's Equity (Or Owner's Equity)

1	Determining Normal Balances For Assets & Liabilities You are here.	10:04
2	Determining Normal Balance for Shareholder's Equity	11:53
3	Normal Balance Shortcut: Double Entry	11:51
4	Normal Balance Shortcut: DEAD Mnemonic	2:36
5	The Journal, Ledger, Trial Balance	14:00
6	The Multistep Income Statement	12:44
7	Gross Profit vs Net Profit	6:15
8	Profit Margin	3:22

	Click Here to View All Chapter 3 Problems at Once	View
1	Account Classification	Easy
2	Journal Entry - Inventory	Easy
3	Journal Entry - Sales	Easy
4	Land Purchased With Cash	Easy
5	T/F: Liabilities and Equity	Easy
6	Normal Balances	Moderate
7	What Should Be Journaled	Moderate
8	Calculating Operating Income	Hard