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Accounting Ch 2

QuestionAnswer
an accounting device used to analyze transactions T Account
an amount recorded on the left side of the T account Debit
an amount recorded on the right side of the T account Credit
the side of the account that increased Normal Balance
a list of accounts used by a business Chart of Accounts
What is on the left side of the accounting equation? Assets
What is on the right side of the accounting equation? Liabilities and Owner's Equity
What type of account is Cash? Asset
Cash has a normal _____ balance. debit
What type of account is Accounts Payable? Liability
Accounts Payable has a normal _____ balance. credit
What type of account is Capital? Owner's Equity
A Capital account has a normal _____ balance. credit
What type of account is Supplies? Asset
Supplies has a normal _____ balance. debit
What type of account is Accounts Receivable? Asset
Accounts Receivable has a normal _____ balance. debit
What type of account is Drawing? Owner's Equity
The Drawing account has a normal _____ balance. debit (and remember it decreases Owner's Equity)
What type of account are Expenses? Owner's Equity
Expense accounts have a normal _____ balance. debit (and remember they decrease Owner's Equity)
What type of account is Prepaid Insurance? Asset
Prepaid Insurance has a normal _____ balance. debit
What type of account is Sales? Owner's Equity
Sales has a normal _____ balance. credit
Which account gets a credit if you . . . Pay cash for supplies Cash
Which account gets a credit if you . . . Receive cash from sales Sales
Which account gets a credit if you . . . Receive cash on account from a company who owes you money Accounts Receivable
Which account gets a credit if you . . . Pay cash for rent Cash
Which account gets a credit if you . . . Purchase supplies on account Accounts Payable
Which account gets a debit if you . . . Pay cash for supplies Supplies
Which account gets a debit if you . . . Receive cash from sales Cash
Which account gets a debit if you . . . Pay cash for rent Rent Expense
Which account gets a debit if you . . . Purchase supplies on account Supplies
Which account gets a debit if you . . . Owner withdraws cash for personal use Drawing
Created by: bcunningham73