Accounting Ch 2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| an accounting device used to analyze transactions | T Account
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| an amount recorded on the left side of the T account | Debit
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| an amount recorded on the right side of the T account | Credit
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| the side of the account that increased | Normal Balance
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| a list of accounts used by a business | Chart of Accounts
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| What is on the left side of the accounting equation? | Assets
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| What is on the right side of the accounting equation? | Liabilities and Owner's Equity
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| What type of account is Cash? | Asset
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| Cash has a normal _____ balance. | debit
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| What type of account is Accounts Payable? | Liability
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| Accounts Payable has a normal _____ balance. | credit
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| What type of account is Capital? | Owner's Equity
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| A Capital account has a normal _____ balance. | credit
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| What type of account is Supplies? | Asset
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| Supplies has a normal _____ balance. | debit
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| What type of account is Accounts Receivable? | Asset
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| Accounts Receivable has a normal _____ balance. | debit
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| What type of account is Drawing? | Owner's Equity
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| The Drawing account has a normal _____ balance. | debit (and remember it decreases Owner's Equity)
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| What type of account are Expenses? | Owner's Equity
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| Expense accounts have a normal _____ balance. | debit (and remember they decrease Owner's Equity)
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| What type of account is Prepaid Insurance? | Asset
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| Prepaid Insurance has a normal _____ balance. | debit
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| What type of account is Sales? | Owner's Equity
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| Sales has a normal _____ balance. | credit
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| Which account gets a credit if you . . . Pay cash for supplies | Cash
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| Which account gets a credit if you . . . Receive cash from sales | Sales
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| Which account gets a credit if you . . . Receive cash on account from a company who owes you money | Accounts Receivable
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| Which account gets a credit if you . . . Pay cash for rent | Cash
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| Which account gets a credit if you . . . Purchase supplies on account | Accounts Payable
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| Which account gets a debit if you . . . Pay cash for supplies | Supplies
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| Which account gets a debit if you . . . Receive cash from sales | Cash
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| Which account gets a debit if you . . . Pay cash for rent | Rent Expense
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| Which account gets a debit if you . . . Purchase supplies on account | Supplies
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| Which account gets a debit if you . . . Owner withdraws cash for personal use | Drawing
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
bcunningham73
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