Accounting Chp 2 Analyzing Transactions

T/F

A drawing account is increased by debits and increased by credits

• True

• False

T/F

Accounts Payable accounts are increased with a credit

• True

• False

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

• True

• False

T/F

Asset accounts decrease on the debit side

• True

• False

T/F

Cash is an asset account with a normal credit balance

• True

• False

T/F

Each liability account has a normal debit balance

• True

• False

T/F

Increase in revenue accounts are reorded as credits, because they increase the owner's capital account

• True

• False

T/F

Matthew Thompson, Drawing is decreased with a debit

• True

• False

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

• True

• False

T/F

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

• True

• False