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Define normal balance

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Question - Understanding the concept of Normal Balance is the key to preparing journal entries correctly.

Define Normal Balance

Transaction: Purchase $5000 equipment with cash

What is the normal balance of "Equipment" account?

How would you Increase Equipment Account (Debit or Credit?)

What is the normal balance of "Cash" Account?

How would you decrease Cash Account (Debit or Credit?)

Resulting Journal Entry?

Provide explanation to one or more of your peers.

Reference no: EM132632508

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