Normal Balances
Recording Transactions
Financial Statements
Categories
Complete the sentence...
100
What is the normal balance of cash?
Debit
100

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

Equipment

100
Which statement is NOT a financial statement?
Trial balance
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?
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
Which finacial statement is Advertising Expense included in?
Income Statement
200
Which category is prepaid rent in?
assets
200

All Drippy Eels Love Cucumbers and Radishes stands for . . . 

Assets, Drawings, Expenses ... Liabilities, Capital, and Revenue

300
True or false: When an account decreases on the debit side that means that that same side is the normal balance.
false
300
The owner paid salaries of his staff for the month. Which account is debited?
Salary Expense
300
Which financial statement is equipment included in?
Balance Sheet
300
What category is accounts payable in?
Liablity
300

Net Income is calculated by subtracting ___________ minus ___________.

Revenue and Expenses

400
The 3 account categories that would be increased by a credit are:
Expenses, 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 financial statements in?
Income Statement, Statement of Owners Equity, and Balance Sheet
400
Bookkeeping Fees earned is iin what category?
Revenue
400

My favorite class is...

Accounting 

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
How does having a net loss impact the format of the Statement of Owners Equity?
Add: Withdrawals for that month Decrease in capital rather than Increase
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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