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66 terms

Classification; Normal Balances; Debit & Credit Entries

STUDY
PLAY
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