1 / 23

Hosted by Ms. Appel

Hosted by Ms. Appel. Final. Debit or Credit. True/False 1. True/False 2. A, L or OE. 100. 100. 100. 100. 200. 200. 200. 200. 300. 300. 300. 300. 400. 400. 400. 400. 500. 500. 500. 500. Row 1, Col 1. What is True?. An accounting device used

isabelle-burton
Download Presentation

Hosted by Ms. Appel

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Hosted by Ms. Appel

  2. Final Debit or Credit True/False 1 True/False 2 A, L or OE 100 100 100 100 200 200 200 200 300 300 300 300 400 400 400 400 500 500 500 500

  3. Row 1, Col 1 What is True? An accounting device used to analyze transactions is a T Account

  4. Row 1, Col 2 What is False? An amount recorded on the left side of a T account is a credit

  5. Row 1, Col 3 What is Debit? The Normal Balance of any Asset Account

  6. Row 1, Col 4 What is Asset? Cash

  7. Row 2, Col 1 What is True? Asset accounts increase on the Debit side

  8. Row 2, Col 2 What is True? When cash is paid for supplies, the supplies account is increased by a debit.

  9. Row 2, Col 3 What is Credit? Daily Double Increases in sales are recorded as a

  10. Row 2, Col 4 What is Liability? Accounts Payable

  11. Row 3, Col 1 What is False? Advertising Expense is increased with a credit

  12. Row 3, Col 2 What is True? Prepaid insurance will decrease with a credit.

  13. Row 3, Col 3 What is Credit? Normal Balance of any Liability account

  14. Row 3, Col 4 What is Owner’s Equity? Daily Double Owner’s Drawing Account

  15. Row 4, Col 1 What is False? Common accounting practice is to record withdrawals as debits directly in the owner’s capital account

  16. Row 4, Col 2 What is False? Capital accounts are increased with a debit

  17. Row 4, Col 3 What is Debit? Expense account Normal Balance

  18. Row 4, Col 4 What is Owner’s Equity (or Revenue)? Sales

  19. Row 5, Col 1 What is False? All owner’s equity accounts are increased on the credit side because the owner’s capital account has a normal balance on the credit side.

  20. Row 5, Col 2 What is True? Before a transaction is recorded in the records of a business, it is analyzed to determine which accounts are changed and how.

  21. Row 5, Col 3 What is A/P? Bought supplies on account, the credit would be to this account

  22. Row 5, Col 4 What is Asset? Accounts Receivable

  23. Final Jeopardy Draw T Accounts for this transaction: Sold Services on Account to JP Supply, $1,000.00 Category: T-Account Transactions

More Related