Determining Normal Balances For Assets & Liabilities - ACCT 201, West Virginia University

in Topic 3 (Video 3 of 7)

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	T-Accounts	3:15
2	Debits and Credits	6:49
3	Determining Normal Balances For Assets & Liabilities You are here.	10:04
4	Determining Normal Balance for Shareholder's Equity	11:53
5	Normal Balance Shortcut: Double Entry	11:51
6	Normal Balance Shortcut: DEAD Mnemonic	2:36
7	The Journal, Ledger, Trial Balance	14:00

	Click Here to View All Topic 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	T/F: T-Account Logic	Easy
7	Normal Balances	Moderate
8	The Effect of Journal Entries	Moderate
9	What Should Be Journaled	Moderate