Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

normal balance

Read a random definition: Special Power of Appointment

A quick definition of normal balance:

Normal balance: A way of keeping track of money in a special book called a ledger. Some types of money are usually written as "debts" and some are usually written as "credits." For example, when we talk about things you own, like your toys or your bike, we usually write them as debts. When we talk about things you owe, like money you borrowed from a friend, we usually write them as credits. This helps us keep track of how much money you have and how much you owe.

A more thorough explanation:

Normal balance refers to the type of debit or credit balance that is typically found in ledger accounts. In other words, it is the expected balance for a particular type of account.

For example, assets usually have a debit balance, while liabilities usually have a credit balance. This means that when a transaction increases an asset account, it is recorded as a debit, and when a transaction increases a liability account, it is recorded as a credit.

Another example is equity accounts, which also typically have a credit balance. When a company earns profits, it is recorded as a credit to the equity account, and when the company incurs losses, it is recorded as a debit to the equity account.

The normal balance concept is important because it helps ensure that transactions are recorded accurately and consistently across different accounts and companies.

normal | normal college

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
LSD+ is ad-free, with DMs, discounts, case briefs & more.