Normal Balances
Recording Transactions
Miscellaneous
Categories
Complete the sentence...
100

What is the normal balance of cash?

What is Debit

100
Jan purchased $300 worth of office equipment. Which accounts are effected?
Cash Office equipment
100

True or False 

Debits always go on the right and credits always go on the left

What is False 
100
Which category is accounts receivable in?
Assets
100
For every debit there is a ...
credit
200

What is the normal balance of C. Frank, Withdrawals?

What is debit

200
Anna mailed an invoice for the work she completed for a customer. Which accounts will be debited and credited?
Accounts Receivable DR Revenue CR
200

What effect does Advertising Expense have on Owner's Capital?

It decreases it

200
Which category is prepaid rent in?
assets
200

What is a T used for in accounting 

What is Keeping track of debits and credits in one account

300

True or false: When an account decreases on the debit side that means that that same side is the normal balance.

What is False

300
The owner paid salaries of his staff for the month. Which account is debited?
Salary Expense
300

Assets = Liabilities + Owner's Equity is known as what?

Accounting equation

300
What category is accounts payable in?
Liablity
300

What determines the normal balance of an account?

What is the side of the account that increases 

400

The 3 account categories that would be increased by a credit are:

What is liabilities, capital, and revenue

400
Sam received an invoice in the mail from Telus showing how much money she owes for the past month of cell phone use. The due date of payment is in 2 weeks. Which accounts are debited and credited?
Telephone expense DR Accounts Payable CR
400

What is the order you prepare transactions in?

chronological order

400
Bookkeeping Fees earned is iin what category?
Revenue
400

My favorite class is...

Accounting with Mrs. Bankson!

500
Which 3 account categories increase on the debit side, and decrease on the credit side?
Assets, expenses, and withdrawals
500
Three years ago Tim Gore bought a $45,000 truck for his landscaping business. Tim decided to use the truck for his son to use for going back and forth from school from now on. Which accounts will be debited and credited and by how much?
T. Gore, Withdrawals DR $45,000 Truck CR $45,000
500

Withdrawals always __________ Owner's capital.

Decreases

500
How is owners equity broken down into categories?
capital, withdrawals, revenue, expenses
500
If my trial balance totals are not the same in the debit and credit column I know...
I did something wrong!
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