Flash Cards

1. Debits/Credits Drill & Practice for Principles of Financial Accounting Flash Cards • Susan M. Moncada, Ph.D., CPA, Indiana State University 2010

2. How to Use the Flashcards • Launch the PowerPoint presentation. • Click on a Card’s hyperlink label. • Click on the Debit or Credit Button • Click the Return button on the Feedback Screens • Caution: Clicking on areas of the screen other than areas specified will cause the drill and practice activity to malfunction. • Note: To repeat the activity, the file will need to be closed and re-opened. • Feedback based on EARLS acronym.

3. Select a Flash Card CARD1 CARD 2 CARD 3 CARD 4 CARD 5 CARD 6 CARD 7 CARD 8 CARD 9 CARD 10 CARD 11 CARD 12 CARD 13 CARD 14 CARD 15 CARD 16 CARD 18 CARD 19 CARD 20 CARD 17 CARD 21 CARD 22 CARD 23 CARD 24 CARD 25

4. CARD 1 To increase Equipment... Debit Credit

5. CARD 6 To decrease Accounts Payable. Debit Credit

6. CARD 11 To increase Commissions Revenue. Debit Credit

7. CARD 16 To increase Common Stock… Debit Credit

8. CARD 21 To increase Dividends …. Debit Credit

9. CARD 2 To increase Notes Payable… Debit Credit

10. CARD 7 To decrease Retained Earnings… Debit Credit

11. CARD 12 To increase Prepaid Insurance Expense… Debit Credit

12. CARD 17 To increase Accumulated Depreciation Debit Credit

13. CARD 22 To decrease Accounts Receivable… Debit Credit

14. CARD 3 To decrease Unearned Consulting Revenue Debit Credit

15. CARD 8 To decrease Supplies Inventory… Debit Credit

16. CARD 13 To increase Utilities Expense… Debit Credit

17. CARD 18 To increase Patents… Debit Credit

18. CARD 23 To decrease Cash … Debit Credit

19. CARD 4 To increase Short Term Investments Debit Credit

20. CARD 9 To increase LAND… Debit Credit

21. CARD 14 To increase Retained Earnings … Debit Credit

22. CARD 19 To decrease Accumulated Depreciation Debit Credit

23. CARD 24 To increase Merchandise Inventory Debit Credit

24. CARD 5 To decrease Marketable Securities … Debit Credit

25. CARD 10 To decrease Prepaid Rent Expense Debit Credit

26. CARD 15 To increase Sales … Debit Credit

27. CARD 20 To decrease Wages Payable … Debit Credit

28. CARD 25 To decrease Delivery Vehicles ... Debit Credit

29. Positive Feedback

30. NegFeed1 CARD 1 FEEDBACK: E A Expenses Assets The normal Balance for Assets and Expenses is a Debit

31. NegFeed6 CARD 6 FEEDBACK: R L S Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

32. NegFeed11 CARD 11 FEEDBACK: R L S Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

33. NegFeed16 CARD 16 FEEDBACK: R L S Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

34. NegFed21 CARD 21 FEEDBACK: RememberDividends is a Contra Equity Account The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

35. NegFeed2 CARD 2 FEEDBACK: R L S Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

36. NegFed7 CARD 7 FEEDBACK: R L S Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

37. NegFeed12 CARD 12 FEEDBACK: E A Expenses Assets The normal Balance for Assets and Expenses is a Debit

38. NegFeed17 CARD 17 FEEDBACK: Remember Accumulated Depreciation is a contra account. E A Expenses Assets The normal Balance for Assets and Expenses is a Debit

39. NegFeed22 CARD 22 FEEDBACK: E A Expenses Assets The normal Balance for Assets and Expenses is a Debit

40. NegFeed3 CARD 3 FEEDBACK: R L S Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

41. NegFeed8 CARD 8 FEEDBACK: E A Expenses Assets The normal Balance for Assets and Expenses is a Debit

42. NegFeed13 CARD 13 FEEDBACK: E A Expenses Assets The normal Balance for Assets and Expenses is a Debit

43. NegFeed18 CARD 18 FEEDBACK: E A Expenses Assets The normal Balance for Assets and Expenses is a Debit

44. NegFeed23 CARD 23 FEEDBACK: E A Expenses Assets The normal Balance for Assets and Expenses is a Debit

45. NegFeed4 CARD 4 FEEDBACK: E A Expenses Assets The normal Balance for Assets and Expenses is a Debit

46. NegFeed9 CARD 9 FEEDBACK: E A Expenses Assets The normal Balance for Assets and Expenses is a Debit

47. NegFeed14 CARD 14 FEEDBACK: R L S Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

48. NegFeed19 CARD 19 FEEDBACK: Remember Accumulated Depreciation is a contra account. E A Expenses Assets The normal Balance for Assets and Expenses is a Debit

49. NegFeed24 CARD 24 FEEDBACK: E A Expenses Assets The normal Balance for Assets and Expenses is a Debit

50. NegFeed5 CARD 5 FEEDBACK: E A Expenses Assets The normal Balance for Assets and Expenses is a Debit