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MASTERING DEBIT AND CREDIT

MASTERING DEBIT AND CREDIT

Assessment

Presentation

Business, Life Skills

9th Grade

Practice Problem

Hard

Created by

Joy Luga

Used 19+ times

FREE Resource

4 Slides • 10 Questions

1

MASTERING DEBIT AND CREDIT

TLE 9 W2 Q3

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2

ALWAYS REMEMBER

  • DEBIT - Assets, Drawing, Expenses

  • CREDIT- Liability, Equity, Revenue

3

Solve the problems on the following slides.

For example,

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



Good luck!

4

Multiple Select

Which of the following account titles have a CREDIT normal balance

1

Notes Payable

2

Rent

3

Sales Revenue

4

Owner's Capital

5

Fill in the Blanks

Type answer...

6

Fill in the Blanks

Type answer...

7

Fill in the Blanks

Type answer...

8

Fill in the Blanks

Type answer...

9

Fill in the Blanks

Type answer...

10

Fill in the Blanks

Type answer...

11

Fill in the Blanks

Type answer...

12

Fill in the Blanks

Type answer...

13

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?

1

Debit Cash, Credit Loans Payable

2

Debit Cash, Credit Notes Payable

3

Debit Cash, Credit Accounts Receivable

14

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

MASTERING DEBIT AND CREDIT

TLE 9 W2 Q3

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