Mark whether the statement is true or false: An amount recorded on the right side of a T account is a debit.

Mark whether the statement is true or false: Each asset account has a normal credit balance.

Mark whether the statement is true or false: Each liability account has a normal debit balance.

Mark whether the statement is true or false: The balance of an account increases on the same side as the normal balance side.

Mark whether the statement is true or false: Asset accounts decrease on the credit side.

Mark whether the statement is true or false: Each transaction changes the balances in at least two accounts.

Mark whether the statement is true or false: A list of accounts used by a business is a chart of accounts.

Mark whether the statement is true or false: When cash is paid for supplies, the Supplies account is increased by a credit.

Mark whether the statement is true or false: Common accounting practice is to record withdrawals as debits directly in the owner's capital account.

Mark whether the statement is true or false: The left side of an asset account is the credit side because asset accounts are on the left side of the accounting equation.

Mark whether the statement is true or false: A drawing account is increased by debits and decreased by credits.

Mark whether the statement is true or false: Increases in expense accounts are recorded as debits because they decrease the owner's capital account.

Mark whether the statement is true or false: The normal balance side of an Accounts Receivable account is a debit.

Mark whether the statement is true or false: Accounts Payable accounts are increased with a debit.

Mark whether the statement is true or false: Utilities Expense is increased with a debit.

Mark whether the statement is true or false: Cash is increased with a debit.

Mark whether the statement is true or false: Prepaid Insurance is decreased with a credit.

Mark whether the statement is true or false: To summarize withdrawal information separately from the other records, owner withdrawal transactions are recorded in the owner's capital account.

Mark whether the statement is true or false: Decreases to liability accounts are recorded on the credit side.

The left side of a T account is the

If an amount is recorded on the side of a T account opposite the normal balance side, the account balance is

The normal balance side of a liability account is the

When an owner invests cash in a business, the owner's capital account is

When a business pays cash on account, a liability account is

When cash is received from sales, the change in the owner's equity is usually recorded

Increases in a revenue account are shown on a T account's

When $1,500 cash is received on account,

The normal balance side of any revenue account is the

A detailed listing of all accounts is called

A list of accounts used by a business are called

Which one is right?

The accounting equation must always be