WorksheetsT Account Review 10/13
Total questions: 20
Worksheet time: 16mins
When you sell services on account you (a) accounts receivable
The normal balance for expenses is
debit
credit
increase
decrease
The normal balance for sales is
debit
credit
increase
decrease
The normal balance for capital is
credit
debit
The normal balance for drawings is debit
True
False
A/P is a __________ with a normal balance of credit
Asset
Liability
Owners Equity
None of these
Cash is increased on the credit side and decreased on the debit side
true
false
The debit side of the T account is always the left side of the T account
True
False
When you receive cash on account you will credit A/R
True
False
When you buy supplies on account you will credit A/P
True
False
When an owner invests money into a business you will credit capital and debit drawings
True
False
Cash is the most used T Account most of the time
False
True
Prepaid Insurance s abbreviated as
(a)
Draw T Accounts and anaylze the following transaction: Bought supplies on account from Miller Office Supplies for $300.00
What is the normal balance for PPD Insurance?
Debit
Credit
What is the normal balance for cash?
Credit
Debit
What transaction would make a credit increase to A/P
Paid Cash for Advertising
Bought Supplies on Account
Sold Services on Account
Paid Cash for Repairs
What type of expense account would you use for buying an employee new shoelaces?
Advertising Expense
Repairs Expense
Utilities Expense
Misc. Expense
Which of the following is not a part of owners equity
Sales
Expenses
Capital
A/P
Using T Accounts, analyze the following transaction: Paid Cash on Account to Derner Office Supplies in the amount of $50.00
