An accounting device used to analyze transactions is a called a/an ____________ T ACCOUNT.
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An accounting device used to analyze transactions is a called a/an ____________ T ACCOUNT
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Transcript of An accounting device used to analyze transactions is a called a/an ____________ T ACCOUNT.
An accounting device used to analyze transactions is a
called a/an ____________
T ACCOUNT
An amount recorded on the left side of a T account is a ______
DEBIT
Each asset account has a normal _____ balance.
DEBIT
Each liability account has a normal _____ balance.
CREDIT
The balance of an account _____ on the same side as
the normal balance.
INCREASES
Asset accounts increase on the ______ side.
DEBIT
Each transaction changes the balance in at least ____
accounts.
TWO (2)
A list of accounts used by a business is called a _______________
CHART OF ACCOUNTS
When cash is paid for supplies, the supplies account is increased
by a ______.
DEBIT
Common accounting practice is to record withdrawals as debits directly in the ______ account.
NAME, DRAWING
The left side of an asset account is the ____ side
DEBIT
A drawing account is increased with a _____.
DEBIT
Increases in expense accounts are recorded as debits because they ______ the owner’s capital
account.
DECREASE
The normal balance side of an accounts receivable is a _____.
DEBIT
Accounts Payable accounts are _____ with a credit.
INCREASED
Advertising Expense is ____ with a debit.
INCREASED
Cash is decreased with a ___.
CREDIT
Prepaid Insurance is ____ with a credit.
DECREASED
To summarize withdrawal information separately from the other records, owner withdrawal transactions are recorded in the
____ account.
DRAWING
Increases to liability accounts are recorded on the ____ side.
CREDIT
The right side of a T account is the ____ side.
CREDIT
If an amount is recorded on the side of a T account opposite the normal balance side, the account
balance ______.
DECREASES
The normal balance side of an asset account is the ___ side.
DEBIT
When the owner invests cash in a business, the owner’s capital
account is increased by a ____.
CREDIT
When a business pays cash on account, a liability account is
decreased by a _____.
DEBIT
When cash is received from sales, the change in the owner’s equity is
usually recorded in a separate ______ account.
REVENUE
Increases in a revenue account are shown on a T accounts
____ side.
CREDIT
When $1,500 cash is received on account, ____ is decreased with
a credit and ____ is increased with a debit.
ACCOUNTS RECEIVABLE
CASH
The normal balance side of any expense account is the ____ side.
DEBIT
