2. Debits; a. increase both assets and liabilities b. decrease both assets and liabilities c. increase assets and decrease liabilities d. decrease assets and decrease liabilities 3. A revenue account; a. is increased by debits b. is decreased by credits c. has a normal balance of a debit d. is increased by credits Ouner's Equity Debit for Credit for decrease increase Dr Cr Normal Balance 4. Account that normally have debit balances are: a. assets, expenses, and revenue b. assets, expenses, and owner's equity c. assets, liabilities, and owner's drawings d. assets, owner's drawings, and expenses 5. Expenses; Revenue Debit for decrease Credit for increase a. is increased by debits b. is decreased by credits c. has a normal balance of a debit d. is increased by credits Dr Cr Nomal Balance 6. Account payable; a. is increased by debits b. is decreased by credits c. has a normal balance of a credit d. none all above Expenses Debit for Credit for decrease Cr 7. Supplies; increase a. has a normal balance of a debit b. is decreased by debit c is increased by credits d. is increased by debits and credits Dr Nomal Balance Drawing Debit for Credit for increase Dr decrease Cr Nomal Balance Multiple choices: 1. Which of the following statements about an account is true? a. The right side of an account is the debit or increase side. b. An account is an individual accounting record of increases and decreases in specific asset, liability, and owner's equity items. c. There are but only one accounts for owner's equity items. d. The left side of an accounts is the credit or decrease side.
2. Debits; a. increase both assets and liabilities b. decrease both assets and liabilities c. increase assets and decrease liabilities d. decrease assets and decrease liabilities 3. A revenue account; a. is increased by debits b. is decreased by credits c. has a normal balance of a debit d. is increased by credits Ouner's Equity Debit for Credit for decrease increase Dr Cr Normal Balance 4. Account that normally have debit balances are: a. assets, expenses, and revenue b. assets, expenses, and owner's equity c. assets, liabilities, and owner's drawings d. assets, owner's drawings, and expenses 5. Expenses; Revenue Debit for decrease Credit for increase a. is increased by debits b. is decreased by credits c. has a normal balance of a debit d. is increased by credits Dr Cr Nomal Balance 6. Account payable; a. is increased by debits b. is decreased by credits c. has a normal balance of a credit d. none all above Expenses Debit for Credit for decrease Cr 7. Supplies; increase a. has a normal balance of a debit b. is decreased by debit c is increased by credits d. is increased by debits and credits Dr Nomal Balance Drawing Debit for Credit for increase Dr decrease Cr Nomal Balance Multiple choices: 1. Which of the following statements about an account is true? a. The right side of an account is the debit or increase side. b. An account is an individual accounting record of increases and decreases in specific asset, liability, and owner's equity items. c. There are but only one accounts for owner's equity items. d. The left side of an accounts is the credit or decrease side.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:2. Debits;
a. increase both assets and liabilities
b. decrease both assets and liabilities
c. increase assets and decrease liabilities
d. decrease assets and decrease liabilities
3. A revenue account;
a. is increased by debits
b. is decreased by credits
c. has a normal balance of a debit
d. is increased by credits
Ouner's Equity
Debit for
Credit for
decrease
increase
Dr
Cr
Normal
Balance
4. Account that normally have debit balances are:
a. assets, expenses, and revenue
b. assets, expenses, and owner's equity
c. assets, liabilities, and owner's drawings
d. assets, owner's drawings, and expenses
5. Expenses;
Revenue
Debit for
decrease
Credit for
increase
a. is increased by debits
b. is decreased by credits
c. has a normal balance of a debit
d. is increased by credits
Dr
Cr
Nomal
Balance
6. Account payable;
a. is increased by debits
b. is decreased by credits
c. has a normal balance of a credit
d. none all above
Expenses
Debit for
Credit for
decrease
Cr
7. Supplies;
increase
a. has a normal balance of a debit
b. is decreased by debit
c is increased by credits
d. is increased by debits and credits
Dr
Nomal
Balance
Drawing
Debit for
Credit for
increase
Dr
decrease
Cr
Nomal
Balance
Multiple choices:
1. Which of the following statements about an account is true?
a. The right side of an account is the debit or increase side.
b. An account is an individual accounting record of increases and decreases in specific asset,
liability, and owner's equity items.
c. There are but only one accounts for owner's equity items.
d. The left side of an accounts is the credit or decrease side.
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