Accounting Chp 2 Analyzing Transactions

Front

A drawing account is increased by debits and increased by credits

Back

True

Front

T/F: Accounts Payable accounts are increased with a credit

Back

True

Front

T/F: The owner's equity account is increased on the debit side, because the owner's capital account has a normal balance on the debit side

Back

False

Front

T/F: Asset accounts decrease on the debit side

Back

False

Front

Cash is an asset account with a normal credit balance

Back

False

Front

T/F: Each liability account has a normal debit balance

Back

False

Front

Increase in revenue accounts are recorded as credits, because they increase the owner's capital account. True or False?

Back

True

Front

Matthew Thompson, Drawing is decreased with a debit

Back

False

Front

T/F: The right side of a liability account is the normal balance side, because liabilities are on the right side of the accounting equation

Back

True

Front

Increase in revenue accounts are recorded as debits, because they increase the owner's capital account.

Back

False