WorksheetsDebits & Credits
Total questions: 40
Worksheet time: 17mins
Debit or credit? Cash at bank increases
Cash at bank is an asset, so it should be debited
Cash at bank is an asset, so it should be credited
Cash at bank is a liability, so it should be debited
Cash at 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 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 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
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
Cash at Bank increase
debit
credit
Capital increase
debit
credit
Accounts payable increase
debit
credit
Supplies/Inventory increase
debit
credit
Cash at bank decrease
debit
credit
Accounts receivable increase
debit
credit
Supplies/inventory decrease
debit
credit
Sales increase
debit
credit
Capital decrease
debit
credit
Accounts payable decrease
debit
credit
Accounts receivable decrease
debit
credit
Sales decrease
debit
credit
Any asset increase
debit
credit
Any liability increase
debit
credit
Any owner's equity increase
debit
credit
What is the normal balance for the Cash at Bank account?
What is the normal balance for the Drawings account?
What is the normal balance for Capital Equity accounts?
What does credit mean?
What does the acronym DEALER stand for in accounting?
Debits, Expenses, Assets, Liabilities, Equity, Revenue
Dividends, Expenses, Assets, Liabilities, Equity, Revenue
Debits, Expenses, Assets, Liabilities, Equity, Retained Earnings
Dividends, Expenses, Assets, Liabilities, Equity, Retained Earnings
Which accounts are considered debit accounts in accounting?
Dividends, Expenses, Assets
Liabilities, Equity, Revenue
Dividends, Expenses, Revenue
Assets, Liabilities, Equity
What happens to the balances of debit accounts when debits are recorded?
They increase
They decrease
They stay the same
It depends on the account type
Which accounts are considered credit accounts in accounting?
Dividends, Expenses, Assets
Liabilities, Equity, Revenue
Dividends, Expenses, Revenue
Assets, Liabilities, Equity
What happens to the balances of credit accounts when credits are recorded?
They increase
They decrease
They stay the same
It depends on the account type
Where could cash come from as a source in a business?
Borrowed from a third-party, owner's investment, earned from selling a product
Borrowed from a third-party, owner's investment, earned from providing a service
Borrowed from a third-party, owner's investment, earned from interest
Borrowed from a third-party, owner's investment, earned from investments
Where could cash go as a destination in a business?
Distribute it back to the owners, pay the business's bills, purchase assets
Distribute it back to the owners, pay the business's debts, purchase liabilities
Distribute it back to the owners, pay the business's expenses, purchase expenses
Distribute it back to the owners, pay the business's liabilities, purchase liabilities
