Debits and Credits(Quick Test #1)

1. An entry on the right side of a T-account.

2. This will increase the balance in an asset account.

3. This will decrease the balance in Accounts Payable.

4. The Cash account will have a __________ balance if the amount of cash is negative.

5. This will increase the balance in a liability account.

6. A revenue account’s normal balance.

7. Rent Expense, Wages Expense, and Advertising Expense are expected to have __________ balances.

8. A sole proprietor’s Drawing Account will likely have a __________ balance.

9. A check written by a company is recorded as a __________ to the general ledger account Cash.

10. The balance you would expect in Accumulated Depreciation.

11. Sales Discounts will likely have a __________ balance.

12. The entry to the Equipment account when equipment is scrapped.

13. The entry to Accumulated Depreciation to remove the depreciation associated with a machine that was scrapped.

14. The entry to Accounts Receivable when a customer’s account is collected.

15. The entry to Payroll Withholdings Payable when remitting payroll taxes.

16. An entry on the left side of a T-account.

17. The entry to increase J. Smith, Capital.

18. A profitable corporation’s balance in Retained Earnings.

19. The entry to Accounts Payable for a purchase on credit.

20. The expected balance for Customer Deposits.

21. The expected balance in Purchase Discounts.

22. The entry to reduce the balance in Supplies on Hand.

23. The entry to increase the balance in Prepaid Insurance.

24. The entry to increase Sales Taxes Payable.

25. The usual entry to Sales or to Service Revenues.

26. Usually the Allowance for Doubtful Accounts will have this type of balance.

27. The entry to J. Smith, Drawing when a withdrawal occurs.

28. To charge an account means to __________ an account.

29. Both assets and expenses will normally have debit balances.

30. Both liabilities and revenues will normally have credit balances.