MASTERING DEBIT AND CREDIT

MASTERING DEBIT AND CREDIT

TLE 9 W2 Q3

ALWAYS REMEMBER

• DEBIT - Assets, Drawing, Expenses

• CREDIT- Liability, Equity, Revenue

Solve the problems on the following slides.

For example,

type in Debit (Account title) Credit (Account title)

Good luck!

Multiple Select

Which of the following account titles have a CREDIT normal balance

• Notes Payable

• Rent

• Sales Revenue

• Owner's Capital

Multiple Choice

BONUS QUESTION!

Justin sent a promissory note to BDO to loan him 20,000 to be paid within a year with an interest rate of 6%.

What should be the entry?

• Debit Cash, Credit Loans Payable

• Debit Cash, Credit Notes Payable

• Debit Cash, Credit Accounts Receivable

Journalize the following transactions

• Justin invested 20,000 in Jao Business

• Purchase of Equipment in cash, 7,000

• Purchase of supplies on credit of 1,600

• Provided services and received 1,200 in cash

• Provide services of 35,000, cash 20,000 and 15,000 billed on account

• Payment of Utility Expenses in Cash, 1,500

• Withdrawal of cash by Justin for personal reasons, 2,000