WorksheetsDebits & Credits
Total questions: 20
Worksheet time: 10mins
A check is written to Staples for Supplies. How is this posted?
Debit to Cash, Credit to Supplies
Debit to Supplies, Credit to Cash
Credit to Cash, Credit to Supplies
Debit to Cash, Debit to Supplies
You receive cash for a sale of goods
Credit Cash, Debit Sales
Debit Cash, Credit Sales
Debit Cash, Debit Sales
Credit Cash, Credit Sales
You buy inventory on credit.
Debit Accounts Payable, Debit Purchases
Credit Accounts Payable, Credit Purchases
Debit Accounts Payable, Credit Purchases
Credit Accounts Payable, Debit Purchases
Normal Balance of the Payroll Control Account
$0
Debit
Credit
Normal Balance of Shareholder's Equity.
$0
Debit
Credit
Normal Balance of Payroll Expense
$0
Debit
Credit
Normal Balance of Loans Payable
$0
Debit
Credit
Normal Balance of the Cash Account
$0
Debit
Credit
Normal Balance of Sales Income Account
$0
Debit
Credit
If you have a net PROFIT what is posted to Retained Earnings?
$0
Debit
Credit
If you have a net LOSS what is posted to Retained Earnings?
$0
Debit
Credit
You make an initial investment into a business of $5,000 cash. What accounts are affected?
Credit $5,000 cash
Debit $5,000 equity
Credit $5,000 asset
Debit $5,000 equity
Debit $5,000 cash
Credit $5,000 equity
Debit $5,000 cash
Credit $5,000 sales
Expense accounts...
be careful - this is sort of a trick question!
ALWAYS have a debit balance
USUALLY have a debit balance
ALWAYS have a credit balance
USUALLY have a credit balance
Which one of the following is NOT considered a Payroll Tax?
Social Security
Disability
Medicare
Federal Withholding Tax
State/City Withholding Tax
When the Payroll Journal is posted to the General Ledger, the following takes place.
Debit Payroll Expense, Credit SS/Med/FWT/SWT/CWT/Dis/Payroll Control
Credit Payroll Expense, Debit SS/Med/FWT/SWT/CWT/Dis/Payroll Control
You buy equipment that will be used for several years. You use cash/check to pay, what transaction(s) take place?
Credit Asset
Debit Expense
Debit Asset
Credit Asset
Debit Asset
Credit Expense
Debit Equity
Credit Asset
Which of the following would cause the Accounting Equation to be out of balance?
Debit Asset
Credit Liabilities
Credit Asset
Debit Expense
Debit Asset
Credit Asset
Debit Liability
Debit Equity
What does it mean if you have a CREDIT balance in the Cash Account?
(select the best answer)
You have money left to spend
You have no money left to spend
Your books show that you have overspent and have no cash left to spend
You are going to lose your business
Which transaction(s) could affect more than 2 accounts? Select all that apply
Paying a Credit Card
Buying Stock for Sale
Credit Card Sale
Payroll
Are you ready for some Halloween Candy?
Answer YES for full credit!
Yes
No
