WorksheetsDebits and credits practice
Total questions: 10
Worksheet time: 6mins
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
