Accounting 1A Review (Part 2)

Front

If cash is increased by $2,000.00 when the owner invests cash in the business, then capital is ____.

Back

increased by $2,000.00

Front

When a business pays cash for supplies, ____.

Back

assets increase and assets decrease

Front

When a business buys supplies on account, assets ____.

Back

increase

Front

A transaction that increases accounts receivable and increases owner's equity is ____.

Back

revenue

Front

The asset most commonly withdrawn by business owners is ____.

Back

cash

Front

The right side of a T account is the ____.

Back

credit side

Front

The normal balance side of an asset account is the ____.

Back

debit side

Front

The normal balance side of any revenue account is ____.

Back

the credit side

Front

A business form ordering a bank to pay cash from a bank account is a ____.

Back

check

Front

On each journal page, the year is written ____.

Back

only for the first entry