Debits and Credits
A profitable corporation's balance in Retained Earnings.
Credit
A revenue account's normal balance
Credit
An entry on the right side of a T-account
Credit
The balance you would expect in Accumulated Depreciation.
Credit
The entry to Accounts Payable for a purchase on credit
Credit
The entry to Accounts Receivable when a customer's account is collected
Credit
The entry to increase J. Smith, Capital
Credit
The entry to increase Sales Taxes Payable.
Credit
The entry to reduce the balances in Supplies on Hand.
Credit
The entry to the Equipment account when equipment is scrapped.
Credit
The expected balance for Customer deposits.
Credit
The expected balance in Purchase Discounts.
Credit
The usual entry to Sales or to Service Revenue
Credit
This Cash account will have a _____________ balance if the amount of cash is negative
Credit
This will increase the balance in a liability account
Credit
Usually the Allowance for Doubtful Accounts will have this type of balance.
Credit
An entry on the left side of a T-account
Debit
Rent Expense, Wages Expense, and Advertising Expense are expected to have _________ balances.
Debit
The entry to Accumulated Depreciation to remove the depreciation associated with a machine that was scrapped.
Debit
The entry to J. Smith, Drawing when a withdrawal occurs.
Debit
The entry to Payroll Withholdings Payable when remitting payroll taxes.
Debit
The entry to increase the balance in Prepaid Insurance.
Debit
This will decrease the balance in Accounts Payable
Debit
This will increase the balance in an asset account
Debit
A sole proprietors's Drawing Account will likely have a _________ balance.
debit
Sales Discounts will likely have a __________ balance.
debit
To charge an account means to __________ an account.
debit
A check written by a company is recorded as a ___________ to the general ledger account Cash.
credit
True or False, both liabilities and revenues will normally have credit balances.
True
True or False, both assets and expenses will normally have debit balances.
True
