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- 1. Multiple Choice
Select all asset accounts listed below.
Accounts Payable
Cash
Supplies
Owner's Capital
- 2. Multiple Choice
Select all examples of liability accounts
accounts payable
accounts receivable
loan payable
owner's capital
- 3. Multiple Choice
Revenue and expenses are recorded under:
assets
liabilities
owner's equity
- 4. Multiple Choice
Select all examples of asset accounts.
accounts receivable
accounts payable
prepaid insurance
sales
- 5. Multiple Choice
Select all examples of owner's equity accounts
cash
owner's capital
accounts payable
owner's drawing
- 6. Multiple Choice
Debit is on the left and credit is on the right for ALL t accounts.
true
false
- 7. Multiple Choice
Asset accounts increase with a
debit
credit
- 8. Multiple Choice
Asset accounts decrease with a
debit
credit
- 9. Multiple Choice
Liability accounts increase with a
debit
credit
- 10. Multiple Choice
Liability accounts decrease with a
debit
credit
- 11. Multiple Choice
Owner's capital and sales increase with a
debit
credit
- 12. Multiple Choice
Owner's capital and sales decrease with a
debit
credit
- 13. Multiple Choice
Owner's drawing and expenses increase with a
debit
credit
- 14. Multiple Choice
Owner's drawing and expenses decrease with a
debit
credit
- 15. Multiple Choice
The normal balance is always the side of the t account that increases.
true
false
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