Accounting Quiz

An endorsement on the back of a check consisting only of a signature is a(n)

• blank endorsement

• debit

• special endorsement

• restrictive endorsement

What is the normal balance of the Sales account?

• credit

• liability

• asset

• debit

When petty cash is replenished, Petty Cash is debited and Cash is credited.

• True

• False

Mr. Delgado bought supplies on account for $500 from Office Max.

• Debit: Supplies, Credit: Accounts Payable, Office Max

• debit the account, credit the account, [Accounts Receivable, Valley Landscaping] Credit[Sales]

What is the normal balance of the Prepaid Insurance account?

• liability

• credit

• debit

• asset

What is the normal balance of the Accounts Receivable account?

• credit

• debit

• liability

• asset

To increase the account balance of an asset account, you would...

• Debit

• Credit

Where does revenue appear?

• Income statement

• statement of cash flows

• balance sheet

• statement of owner's equity

What is the normal balance of an Expense account?

• Debit

• Liability

• Credit

• Asset

To decrease the account balance of the owner's capital account, you would...

• debit the account

• credit the account

• credit, petty cash; cash