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Worsham
Accounting Q1 T accounts
| Question | Answer |
|---|---|
| What side is the debit on a T account? | Left side |
| What side is the credit on a T account? | Right Side |
| What class has the plus sign for debit ? | Assets and Expenses |
| What class has the minus sign for debit? | Liabilities, Owner's Equity and Revenue |
| What account has the Plus and Minus on the opposite side for Asset? | Accumulated Depreciation, Equipment (Plus on credit sign) |
| What are the accounts under Assets? | Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation Equipment |
| What are the accounts under Liabilities? | Accounts Payable, Wages Payable |
| What are the accounts under Owner's Equity? | Capital, Drawing, Income Summary |
| what are the accounts under Revenue? | Income from Services, Professional Fees, Commissions Earned |
| What are the account under Expenses? | Rent Expense, Wage Expense, Advertising Expense, Utilities Expense, Supplies Expense, Insurance Expense, Depreciation Expense, Equipment |
| What account for Owner's Equity has the Plus and Minus on the opposite side? | Drawing (Plus on the Debit side) |
| What is on the balance sheet? | Assets, Liabilities, Capital |
| What is on the income statement? | Expense, Revenue |
| What is the equation of the income statement? | Revenue minus Expense equals net profit or net loss |
| where does the net profit or net loss go after the income statement? | Statement of Owner's Equity |
| What goes on the Statement of Owner's Equity? | beginning Capital, Drawing, net loss or net profit, Ending Capital |
| what is the equation of the Statement of Owner's Equity? | beginning capital plus the investment minus the withdrawals (drawing) plus net profit minus net loss equals Ending Capital |
| What happens when Cash increases? | Capital increases |
| What happens when you increase Equipment? | Cash decreases |
| What happen when you buy supplies on account and Supplies increases? | Accounts Payable increase |
| what happens when you buy equipment and you pay part of the bill what increases and decreases? | Equipment increases, Cash decreases, accounts Payable increase (liabilities) |
| what increase or decrease when you paid premium for insurance policy? | Prepaid insurance Increase and Cash Decrease |
| What increase or decrease when you paid creditor on account? | Account Payable Decrease and Cash Decrease |
| what increase or decrease when services are sold for cash? | Cash increase, Income from services increase |
| What increase or decrease when rent is paid? | rent expense increase, cash decrease |
| What increase or decrease when you billed customers for services performed? | Account Receivable increase, Income from services Increases |
| What increase or decrease when received cash from charge customers to apply on account? | Cash increase, Accounts Receivable decreases |
| What increase or decrease when adjusting entry for supplies used? | Supplies Expense increase, Supplies decrease |
| What increase or decrease when adjusting entry for insurance expired? | insurance Expense increase, Prepaid Insurance decreases |
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