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Business
10th -
12thgrade
Analyzing Transactions into Debit and Credit Parts
12 questions
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- 1. Multiple Choice
An amount recorded on the left side of a T account is a credit.
True
False
- 2. Multiple Choice
Asset accounts increase on the credit side.
True
False
- 3. Multiple Choice
When cash is paid for supplies, the supplies account is increased by a debit.
True
False
- 4. Multiple Choice
A drawing account is decreased by debits and increased by credits.
True
False
- 5. Multiple Choice
Increases in expense accounts are recorded as debits because they decrease the owner's capital account.
True
False
- 6. Multiple Choice
Accounts payable accounts are increased with a debit.
True
False
- 7. Multiple Choice
Advertising expense is increased with a debit.
True
False
- 8. Multiple Choice
Cash is increased with a credit.
True
False
- 9. Multiple Choice
Insurance is a decreased with a credit.
True
False
- 10. Multiple Choice
When the owner invests cash in a business, the owner's capital account is.....
increased by a debit
increased by a credit
decreased by a debit
decreased by a credit
- 11. Multiple Choice
Paid cash on account, the liability account is....
increased by a debit
increased by a credit
decreased by a debit
decreased by a credit
- 12. Multiple Choice
When $1500 cash is received on account....
Sales is increased with a credit and cash is increased with a credit
accounts receivable is increased with a debit and cash is increased with a credit
accounts receivable is decreased with a credit and cash is increased with a debit
accounts receivable is decreased with a debit and cash is increased with a debit
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