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Acct 1 Year Rev
| Question | Answer |
|---|---|
| Assets increase as a (debit or credit) | Debit |
| Assets decrease as a (debit or credit) | Credit |
| Liabilities increase as a (debit or credit) | Credit |
| Liabilities decrease as a (debit or credit) | Debit |
| Capital increases as a (debit or credit) | Credit |
| Capital decreases as a (debit or credit) | Debit |
| Drawing increases as a (debit or credit) | Debit |
| Drawing decreases as a (debit or credit) | Credit |
| Sales increases as a (debit or credit) | Credit |
| Sales decreases as a (debit or credit) | Debit |
| Expenses increase as a (debit or credit) | Debit |
| Expenses decrease as a (debit or credit) | Credit |
| Paid cash for advertising | Debit Advertising Expense Credit Cash |
| Bought supplies on account | Debit Supplies Credit A/P and A/P Vendor |
| Recorded a bank service charge | Debit Miscellaneous Expense Credit Cash |
| Recorded employer payroll taxes expense | Debit Payroll Tax Expense Credit Social Security Tax Payable Credit Medicare Tax Payable Credit FUTA Payable Credit SUTA Payable |
| Adjusting entry for Prepaid Insurance | Debit Insurance Expense Credit Prepaid Insurance |
| Returned merchandise on account | Debit A/P and A/P Vendor Credit Purchases Returns & Allowances |
| Received cash on account from a customer, less a sales discount | Debit Cash Debit Sales Discount Credit A/R and A/R Vendor |
| Paid cash for merchandise | Debit Purchases Credit Cash |
| Paid cash for semimonthly payroll | Debit Salary Expense Credit Employee Income Tax Payable Credit Social Security Tax Payable Credit Medicare Tax Payable Credit other salary withholdings |
| A customer returned merchandise on account (don’t forget sales tax) | Debit Purchases Returns & Allowances Debit Sales Tax Payable Credit A/R and A/R Vendor |
| Owner invests cash in the business | Debit Cash Credit Owner’s Equity |
| Owner invests supplies in the business | Debit Supplies Credit Owner’s Equity |
| Paid cash to replenish the petty cash fund: Supplies and Miscellaneous Expense | Debit Supplies Debit Miscellaneous Expense Credit Cash |
| Sold merchandise on account to a customer (don’t forget sales tax) | Debit A/R and A/R Vendor Credit Sales Credit Sales Tax Payable |
| Recorded the adjusting entry for merchandise inventory (inventory decreased during the year) | Debit Income Summary Credit Inventory |
| Closing entry for sales | Debit Sales Credit Income Summary |
| Paid cash for federal unemployment tax liability | Debit FUTA Payable Credit Cash |
| Paid cash for rent | Debit Rent Expense Credit Cash |
| Paid cash on account, less a purchases discount | Debit A/P and A/P Vendor Credit Purchases Discount Credit Cash |
| Return merchandise to a vendor that was originally paid on account | Debit A/P and A/P Vendor Credit Purchases Returns & Allowances |
| Paid cash to establish a petty cash fund | Debit Petty Cash Credit Cash |
| Adjusting entry for Supplies | Debit Supplies Expense Credit Supplies |
| Closing entry for Drawing | Debit Owner’s Equity Credit Drawing |
| Recorded credit card fee expense | Debit Miscellaneous Expense Credit Cash |
| Recorded cash and credit card sales | Debit Cash Credit Sales Credit Sales Tax Payable |
| Paid cash for office equipment | Debit Office Equipment Credit Cash |
| Paid cash for sales tax liability | Debit Sales Tax Payable Credit Cash |
Created by:
lglenn1816
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