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Acct 1 Year Rev

QuestionAnswer
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