Debits and credits practice

All of the following statements are correct, except for?

• Assets are debit in nature

• Expenses are credit in nature

• Liabilities are credit in nature

• Revenues are credit in nature

All of the following statements are correct, except for?

• Increases in assets and expenses are debited

• Decreases in assets and expenses are credited

• Increases in liabilities and owner's equity are debited

• Decreases in revenues are debited

Debit or credit? Bank increases

• Bank is an asset, so it should be debited

• Bank is an asset, so it should be credited

• Bank is a liability, so it should be debited

• Bank is a liability, so it should be credited

Debit or credit? Loan increases

• Loan is an asset, so it should be debited

• Loan is an asset, so it should be credited

• Loan is a liability, so it should be debited

• Loan is a liability, so it should be credited

Identify the correct accounts affected given the following transaction: Paid wages $600

• Bank and wages

• Accounts payable and wages

• Bank and accounts payable

• Bank and accounts receivable

Identify the correct accounts affected given the following transaction: Purchased supplies on credit from Supplies World

• Purchases and bank

• Supplies and bank

• Purchases and accounts receivable - supplies world

• Supplies and accounts payable - supplies world

Identify the correct reporting of the following transaction: Received $600 for services performed

• Debit Bank $600

• Debit Accounts Receivable $600

• Debit Bank $600; Credit Service Fees Revenue $600

• Debit Service Fees Revenue $600; Credit Bank $600;

Identify all the correct statements below.

• If revenues are credit $500, assets may be debited $500

• If liabilities are debited $300, assets may be credited $300

• If expenses are debited $100, assets may be debited $100

• If expenses are debited $400, assets may be credited $400

Identify the correct transaction given the following general journal entry: debit supplies $400; credit accounts payable OKC Ltd $400

• Purchased equipment from OKC Ltd $400 cash

• Sold supplies $400 cash

• Received a loan from OKC Ltd $400

• Purchased supplies from OKC Ltd $400 on credit

Identify the correct transaction given the following general journal entry: debit bank $800; credit service fees $800

• Performed services for cash $800

• Sold goods for cash $800

• Performed services for GSW Ltd on credit $800

• Received $800 from accounts receivable