Classification; Normal Balances; Debit & Credit Entries

Created by kendjack 

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Cash - Normal Balance?

Debit

Petty Cash - Normal Balance?

Debit

Prepaid Insurance - Normal Balance?

Debit

Office Equipment - Normal Balance?

Debit

Office Furniture - Normal Balance?

Debit

Supplies - Normal Balance?

Debit

Accounts Receivable - Normal Balance?

Debit

Merchandise Inventory - Normal Balance?

Debit

Accounts Payable - Normal Balance?

Credit

Sales Tax Payable - Normal Balance?

Credit

Owner, Capital - Normal Balance?

Credit

Owner, Drawing - Normal Balance?

Debit

Sales - Normal Balance?

Credit

Membership Fees Income - Normal Balance?

Credit

Advertising Expense - Normal Balance?

Debit

Rent Expense - Normal Balance?

Debit

Supplies Expense - Normal Balance?

Debit

Insurance Expense - Normal Balance?

Debit

Miscellaneous Expense - Normal Balance?

Debit

Income Summary

None

Cash - Asset, Liability, Owner's Equity

Asset

Petty Cash - Asset, Liability, Owner's Equity

Asset

Supplies - Asset, Liability, Owner's Equity

Asset

Prepaid Insurance - Asset, Liability, Owner's Equity

Asset

Merchandise Inventory - Asset, Liability, Owner's Equity

Asset

Office Furniture - Asset, Liability, Owner's Equity

Asset

Office Equipment - Asset, Liability, Owner's Equity

Asset

Accounts Receivable - Asset, Liability, Owner's Equity

Asset

Accounts Payable - Asset, Liability, Owner's Equity

Liability

Sales Tax Payable - Asset, Liability, Owner's Equity

Liability

Owner, Capital - Asset, Liability, Owner's Equity

Owner's Equity

Owner, Drawing - Asset, Liability, Owner's Equity

Owner's Equity

Sales - Asset, Liability, Owner's Equity

Owner's Equity

Membership Fees Income- Asset, Liability, Owner's Equity

Owner's Equity

Rent Expense - Asset, Liability, Owner's Equity

Owner's Equity

Supplies Expense - Asset, Liability, Owner's Equity

Owner's Equity

Insurance Expense - Asset, Liability, Owner's Equity

Owner's Equity

What are the debit and credit entries for the following:
Paid cash for rent

Debit Rent Expense; Credit Cash

What are the debit and credit entries for the following:
Paid cash to owner for personal use.

Debit Drawing; Credit Cash

What are the debit and credit entries for the following:
Received cash from sales.

Debit Cash; Credit Sales

What are the debit and credit entries for the following:
Paid cash for equipment repairs.

Debit Repairs Expense; Credit Cash

What are the debit and credit entries for the following:
Sold services on account

Debit Accounts Receivable; Credit Sales

What are the debit and credit entries for the following:
Received cash from sales

Debit Cash; Credit Sales

What are the debit and credit entries for the following:
Received cash on account.

Debit Cash; Credit Accounts Receivable

What are the debit and credit entries for the following:
Paid cash for supplies

Debit Supplies; Credit Cash

What are the debit and credit entries for the following:
Bought supplies on account.

Debit Supplies; Credit Accounts Payable

What are the debit and credit entries for the following:
Paid cash for advertising

Debit Advertising Expense; Credit Cash

What are the debit and credit entries for the following:
Received cash from sales

Debit Cash; Credit Sales

What are the debit and credit entries for the following:
Paid cash for water bill

Debit Utilities Expense; Credit Cash

What are the debit and credit entries for the following:
Owner withdrew cash for personal use

Debit Drawing; Credit Cash

What are the debit and credit entries for the following:
Owner invested money in the business

Debit Cash; Credit Capital

What are the debit and credit entries for the following:
Owner invested computer equipment in the business

Debit Equipment; Credit Capital

What are the debit and credit entries for the following:
Paid cash on account

Debit Accounts Payable; Credit Cash

What are the debit and credit entries for the following:
Paid cash on account

Debit Accounts Payable; Credit Cash

What are the debit and credit entries for the following:
Received cash on account

Debit Cash; Credit Accounts Receivable

What are the debit and credit entries for the following:
Received cash on account

Debit Cash; Credit Accounts Receivable

What are the debit and credit entries for the following:
Received cash from sales

Debit Cash; Credit Sales

What are the debit and credit entries for the following:
Recorded the adjustment for supplies used up during the period

Debit Supplies Expense; Credit Supplies

What are the debit and credit entries for the following:
Recorded the adjustment for insurance that had expired during the period

Debit Insurance Expense; Credit Prepaid Insurance

What are the debit and credit entries for the following:
Recorded the adjustment for supplies used up during the period

Debit Supplies Expense; Credit Supplies

What are the debit and credit entries for the following:
Recorded the adjustment for insurance that had expired during the period

Debit Insurance Expense; Credit Prepaid Insurance

What are the debit and credit entries for the following:
Paid cash to establish a petty cash fund.

Debit Petty Cash; Credit Cash

What are the debit and credit entries for the following:
Paid cash to replenish the petty cash fund, $12: miscellaneous expense, $7; advertising expense $5.

Debit Miscellaneous Expense and Advertising Expense; Credit Cash

What are the debit and credit entries for the following:
Received bank statement showing a bank service charge of $3.00.

Debit Miscellaneous Expense; Credit Cash

What are the debit and credit entries for the following:
Bought equipment on account

Debit Equipment; Credit Accounts Payable

What are the debit and credit entries for the following:
Sold services on account

Debit Accounts Receivable; Credit Sales

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