Accounting- T-charts, debit/credit, normal balances

The word "debit" in accounting means...

• Right

• Left

• Increase

• Decrease

Assets = Liabilities + ?

• Owner's Equity

• WIthdrawals

• Capital

• Revenue

In accounting, the word "credit" means...

• Left

• Increase

• Right

• Decrease

Which of these could be an account number for an "Accounts Payable" account?

• 101

• 202

• 303

• 404

6. What is the correct journal entry for this transaction:

RECEIVED $1000 CASH ON ACCOUNT FROM BURKE SUPPLY is:

• debit Accounts Receivable-Burke Supply and credit Cash.

• debit Accounts Receivable-Burke Supply and credit Jane Smith, Capital.

• debit Cash and credit Accounts Receivable-Burke Supply.

• debit Cash and credit John Burke, Capital.

What is an example of an account that has a normal credit balance?

• Cash

• Accounts Payable/Jones Supply

• Prepaid Insurance

• Supplies

Expense accounts normally have a debit balance.

• True

• False

The decrease side of the "Cash In Bank" account.

• debit

• credit

Purchases from a supplier on credit is a liability.

• True
• False

Accounts whose balance will not change from one fiscal period to the next.

• permanent accounts

• temporary accounts