Accounting Chapter 1

Identify: Debit or Credit

Received Cash

• Debit

• Credit

Identify: Debit or Credit

Acquired Supplies

• Debit

• Credit

Identify: Debit or Credit

Paid cash

• Debit

• Credit

Identify: Debit or Credit

Acquired Insurance

• Debit

• Credit

Identify: Debit or Credit

Purchase on Account

• Debit

• Credit

What is an amount recorded first in a journal entry?

• Debit

• Credit

• Normal Balance

• T account

What is an amount recorded second (or indented) in a journal entry?

• Debit

• Credit

• T Account

• Chart of Accounts

What is an accounting device used to analyze transactions?

• Debit

• Credit

• T Account

• Chart of Accounts

The side of the account that is increased is called the

• Debit

• Credit

• Chart of Accounts

• Normal Balance

What is a list of accounts used by a business called?

• Debit

• Credit

• Chart of Accounts

• T account