Show:
Computations
Assets
Debits/Credits
100
If owners equity is 800 and assets are 800 liabilities are this amount.
What is zero?
100
This account represents amounts due from a customer.
What is accounts receivable?
100
When purchasing goods on account this account is credited.
What is accounts payable?
200
If liabilities are 100 and owners equity is 500, assets are this amount.
What is 600?
200
This is the normal balance for an asset.
What is a debit?
200
This account is debited when supplies are consumed.
What is supplies expense?
300
If net income is 700 and expenses are 1,400, revenues are this amount.
What is 2,100?
300
When cash is received this account should be debited.
What is cash?
300
To increase an equity account you need one of these.
What is a credit?
400
If assets are 1,500 and liabilities are 600 owners equity is this amount.
What is 900?
400
When a year's insurance is purchased in advance this account is debited.
What is prepaid insurance?
400
When recording rent expense this account should be debited.
What is rent expense?
500
If yearly insurance costs 1,200 then insurance expense year to date as of July 31 is this amount.
What is 700?
500
When a sale is made on account this account is debited.
What is accounts receivable?
500
When accounts payable decrease this account is normally credited.
What is cash?