Accounting Ch 2 Word Scramble
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Question | Answer |
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
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