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