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Account Classification, Normal Balance Side
MORE Account Classification, Normal Balance Side
T Account Transactions
T Account Transactions
Cont.
Terms
100
Cash
What is Asset, Debit Normal Balance
100
Supplies
What is Asset, Debit Normal Balance
100
Paid $50 Cash for Supplies Debit? Credit?
What is Supplies Debited, Cash Credited
100
Received $400 Cash from Sales Debit? Credit?
What is Cash Debited, Sales Credited
100
This Term simply means Right Side
What is Credit?
200
Sales
What is O.E., Credit Normal Balance Side
200
Accounts Receivable
What is What is Asset, Debit is Normal Balance Side
200
Paid $100 Cash for Insurance Debit? Credit?
What is Prepaid Insurance Debited $100, Cash Credited $100
200
Received Cash on Account Debit? Credit?
What is Cash Debited, Accounts Receivable Credited
200
This term simply means Left Side
What is Debit?
300
Capital
What is O.E., Credit is Normal Balance Side
300
Sales
What is O.E., Credit is Normal Balance Side
300
Paid $150 Cash on Account Debit? Credit?
What is Accounts Payable Debited, Cash Credited
300
Received Cash investment of $200 from owner Debit? Credit?
What is Cash Debited $200, Capital Credited $200
300
The side of the account that is increased is call this...
What is Normal Balance Side?
400
Prepaid Insurance
What is Asset, Debit is Normal Balance Side
400
Accounts Payable
What is Liability, Credit Normal Balance Side
400
Paid $400 Cash for Rent Debit? Credit?
What is Rent Expense Debited, Cash Credited
400
Bought Supplies on Account Debit? Credit?
What is Supplies Debited, Accounts Payable Credited
400
This is an accounting device used to analyze transactions
What is T account?
500
Expense
What is O.E., Debit Normal Balance Side
500
Drawing
What is O.E., Debit Normal Balance Side
500
Sold $200 of Services on Account Debit? Credit?
What is Accounts Receivable Debited, Sales Credited
500
Paid $150 to owner for personal use Debit? Credit?
What is Drawing Debited, Cash Credited
500
This is a list of accounts used by a business.
What is a Chart of Accounts?