Debits and Credits
Transactions
Accounts
Seasonal Trivia
Trivia #1
100

If the owner invests money into the business in the form of cash, what would we debit and what would we credit?

Debit Cash, Credit Capital 

100

Marcus Johnson opened a checking account for Level Up Arcade & Entertainment and deposited $40,000 of his personal money into the business.

  • Debit: Cash — $40,000
  • Credit: Marcus Johnson, Capital — $40,000
100

What is Accounts Payable 

What type of account is it classified as

refers to the money a business owes to its suppliers, vendors, or creditors for goods or services received on credit but not yet paid

It is a liability 

100

What animal is traditionally associated with witches?

Black Cat

100
What year did Dr. Babakhani start at Maine South

2024

200

The Business buys supplies on account from a supply distributor 

Debit: Supplies

Credit: Accounts Payable

200

Level Up Arcade purchased $8,000 worth of new arcade machines on account from a supplier.

  • Debit: Equipment — $8,000
  • Credit: Accounts Payable — $8,000
200

What is accounts receivable 

What type of account is it?

the money that customers owe your business for goods or services that you have already delivered. 

It is an asset account.

200

What candy bar shares its name with a planet in our solar system?

Mars

200

In what year did Maine South Football last win a state championship?

2016 

300

The Business paid rent on the factory for this month using cash. 

Debit: Rent Expense

Credit Cash

300

Level Up Arcade hosted a birthday party and received $1,500 in cash from the customer.

  • Debit: Cash — $1,500
  • Credit: Revenue — $1,500
300

What account keeps track of all the money the business makes?

What does it do to the capital account

Sales (Revenue) 

It increases the capital account

300

What 1978 horror movie introduced the character Michael Myers?

Halloween

300

Who has the currently most streamed song on Spotify this year (By a Solo Artist)? It has been streamed 680 Million Times. 

(Hint: he performed in Chicago in May)

Bruno Mars "Risk it All"

400

The business made a new printer for a school district. There is an agreement that the school district will pay for the printer at a later date 

Debit: Accounts receivable 

Credit: Sales

400

Level Up Arcade paid $3,000 toward the $8,000 owed for the arcade machines purchased earlier.

  • Debit: Accounts Payable — $3,000
  • Credit: Cash — $3,000
400

What is the name of the type of account that tracks all of the money the business spends on stuff the business needs to run? 

What does it do to the capital account?

Expenses.

It decreases the capital account

400

What U.S. state produces more pumpkins than any other state?

Illinois

400

What famous Chicago company created the first handheld mobile phone in 1973?

Motorola

500

If the owner invests computers into the business, what is debited and what is credited?

Debit: Computer Equipment or just Equipment

Credit: Capital 

500

Level Up Arcade provided $4,500 worth of entertainment services for a corporate event. The customer paid $2,000 immediately and agreed to pay the remaining $2,500 next month.

(Hint: there are two debits and one credit)

  • Debit: Cash — $2,000
  • Debit: Accounts Receivable — $2,500
  • Credit: Service Revenue — $4,500
500

What is the name of the account that tracks the owner's withdrawals from the company? What does it do to the Capital Account?

Drawings
It decreases the capital account

500

What famous Chicago hotel is associated with the ghost of gangster Al Capone and other paranormal legends?

Congress Plaza Hotel

500

Before becoming Park Ridge, the town was known by what name that sounds like a place full of spare change?

Pennyville