Chapter 2 (accounting) Part 2

Accounts payable accounts are increased with a debit.

False

Cash is increased with credit

False

The normal balance side of an accounts receivable account is a credit.

False

Accounts Receivable (Zwilling Company) is increased with a debit.

True

The normal balance side of an accounts payable account is a credit

True

Decreases in an asset account are shown on a T account's ____.

credit side

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

increased by a credit

Each asset account has a normal debit balance.

true

Accounts receivable accounts are increased with a debit.

True

Advertising Expense is increased with a debit.

True

An accounting device used to analyze transactions is a T-account

True

Each liability account has a normal credit balance.

True

When $1,500.00 cash is received on account, ____.

a. Accounts Receivable is decreased with a credit and Cash is increased with a debit b. Sales is increased with a credit and Cash is increased with a credit c. Accounts Receivable is decreased with a debit and Cash is increased with a debit d. Accounts Receivable is increased with a debit and Cash is increased with a credit

When services are sold on account for $500.00, ____.

a. Sales is increased with a debit and Accounts Receivable is increased with a credit b. Sales is decreased with a debit and Accounts Receivable is increased with a credit c. Sales is increased with a debit and Accounts Receivable is increased with a debit d. Sales is increased with a credit and Accounts Receivable is increased with a debit

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

a. debit side b. credit side c. left side d. none of the above

Increases in an owner's capital account are shown on a T account's ____.

a. debit side b. credit side c. left side d. none of the above

When cash is paid for rent, Rent Expense is ____.

a. increased by a debit b. decreased by a debit c. decreased by a credit d. increased by a credit

The values of all things owned (assets) are on the accounting equation's ____.

a. left side Selected: b. right side c. credit side d. none of the above

The normal balance side of an asset account is the ____.

a. right side b. decrease side c. debit side d. credit side

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

a. unaffected b. increased c. correct d. decreased