Financial Accounting

Front 1

What is the Debit or Credit for:

Increase cash

Back 1

Debit

Front 2

What is the Debit or Credit for:

Increase expenses

Back 2

Debit

Front 3

What is the Debit or Credit for:

Increase accounts receivable

Back 3

Debit

Front 4

What is the Debit or Credit for:

Increase accounts payable

Back 4

Credit

Front 5

What is the Debit or Credit for:

Increase revenue

Back 5

Credit

Front 6

What is the Debit or Credit for:

Increase withdrawals by owner (dividends)

Back 6

Debit

Front 7

What is the Debit or Credit for:

Decrease owner's equity

Back 7

Debit

Front 8

What is the Debit or Credit for:

Decrease accounts receivable

Back 8

Credit

Front 9

What is the Debit or Credit for:

Decrease accounts payable

Back 9

debit

Front 10

What is the Debit or Credit for:

Paid utilities bill: ________ utilities expense

Back 10

Debit

Front 11

What is the Debit or Credit for:

Received cash for services performed: _______ revenue

Back 11

Credit

Front 12

What is the Debit or Credit for:

Wrote a check:________ cash in bank

Back 12

Credit

Front 13

What is the Debit or Credit for:

Bought a computer on account:________ computer equipment

Back 13

Debit

Front 14

What is the Debit or Credit for:

Received cash for services performed: ______ cash in bank

Back 14

Debit

Front 15

What is the Debit or Credit for:

Wrote a check to the owner: ______ cash in bank

Back 15

Credit

Front 16

What is the Debit or Credit for:

Owner invested $30,000 to start the business: _______ capital

Back 16

Credit

Front 17

What is the Debit or Credit for:

Wrote a check for office supplies:________ office supplies

Back 17

Debit

Front 18

What is the Debit or Credit for:

Bought office supplies on account: ________ office supples

Back 18

Debit

Front 19

What is the Debit or Credit for:

Bought a computer on account:_________ accounts payable

Back 19

Credit

Front 20

What is the Debit or Credit for:

Paid weekly salaries: _________ salary expense

Back 20

Debit

Front 21

What is the Debit or Credit for:

Paid bank service charge: ________ cash in bank

Back 21

Credit

Front 22

What is the Debit or Credit for:

Wrote check #4231 for October rent: _______ cash in bank

Back 22

Credit

Front 23

What is the Debit or Credit for:

Billed a customer for services performed last week: __________ accounts receivable

Back 23

Debit

Front 24

What is the Debit or Credit for:

Issued payment for services on account: ________ accounts payable

Back 24

Debit

Front 25

What is the Debit or Credit for:

Received a check for services performed today: _______ revenue

Back 25

Credit

Front 26

What is the Debit or Credit for:

Paid electric bill: debit ________

Back 26

utilities expense

Front 27

What is the Debit or Credit for:

Received a check for services billed last month: credit _________

Back 27

accounts receivable

Front 28

What is the Debit or Credit for:

Received check #6357 for services performed and billed last month: credit _________

Back 28

accounts receivable

Front 29

What is the Debit or Credit for:

Paid for office supplies bought 2 months ago: credit _________

Back 29

cash in bank

Front 30

What is the Debit or Credit for:

Bought 10 reams of paper on account: credit _________

Back 30

accounts payable

Front 31

What is the Debit or Credit for:

Wrote a check for an oil change on the delivery van: credit ________

Back 31

cash in bank

Front 32

What is the account

Gave $200 cash to the owner: debit ________

Back 32

Withdrawals or dividends

Front 33

What is the Debit or Credit for:

Received $798 for work performed today: credit __________

Back 33

Revenue

Front 34

What is the Debit or Credit for:

Wrote check for $1,890 for this week's wages: debit ________

Back 34

salaries expense

Front 35

What is the Debit or Credit for:

Received check for $123.56 for returned copier cartridge: debit ________

Back 35

cash in bank

Front 36

What is the Debit or Credit for:

Paid bill for new cash register purchased 2 months ago: debit _________

Back 36

accounts payable

Front 37

The balance of an account is

Back 37

the difference between the total of the debits and the total of the credits
in an account.

Front 38

What is the Debit and Credit for:

When a business pays a liability with cash

Back 38

Record the decrease in accounts payable as a debit and decrease in cash as a credit

Front 39

What is the classification and is it a Debit or Credit.

Accounts payable

Back 39

Current Liabilities and Credit

Front 40

What is the classification and is it a Debit or Credit.

Accounts receivable

Back 40

Current asset and Debit

Front 41

What is the classification and is it a Debit or Credit.

Advertising expense

Back 41

Expense and Debit

Front 42

What is the classification and is it a Debit or Credit.

Cash

Back 42

Current asset and Debit

Front 43

What is the classification and is it a Debit or Credit.

Common stock

Back 43

Owners’ Equity and Credit

Front 44

What is the classification and is it a Debit or Credit.

Fees revenue

Back 44

Revenue and Credit

Front 45

What is the classification and is it a Debit or Credit.

Land

Back 45

Property and Equipment and Debit

Front 46

What is the classification and is it a Debit or Credit.

Rent expense

Back 46

Expense and Debit

Front 47

What is the classification and is it a Debit or Credit.

Supplies expense

Back 47

Expense and Debit

Front 48

What is the classification and is it a Debit or Credit.

Supplies on hand

Back 48

Current asset and Debit

Front 49

What is the classification and is it a Debit or Credit.

Trucks

Back 49

Property and Equipment and Debit

Front 50

What is the classification and is it a Debit or Credit.

Wages expense

Back 50

Expense and Debit

Front 51

What is the classification and is it a Debit or Credit.

Wages payable

Back 51

Current Liabilities and Credit

Front 52

On December 1, 2011 Casio Company paid $12,000 for insurance coverage for six months. Prepaid
Insurance (a real account) was debited. The Company adjusts and closes its accounting records of December 31.

Prepare the general journal entry required to record the payment of insurance on December 1, 2011.

Back 52

Debit Prepaid Insurance 12,000
Credit Cash 12,000

Front 53

On December 1, 2011 Casio Company paid $12,000 for insurance coverage for six months. Prepaid
Insurance (a real account) was debited. The Company adjusts and closes its accounting records of December 31

As of December 31, 2011, what should the adjusted balances in Prepaid Insurance and Insurance Expense be?

Back 53

Debit balance Prepaid Insurance $10,000
Debit balance Insurance Expense $2,000

Front 54

On December 1, 2011 Casio Company paid $12,000 for insurance coverage for six months. Prepaid
Insurance (a real account) was debited. The Company adjusts and closes its accounting records of December 31

Prepare the general journal entry required to adjust Prepaid Insurance on December 31, 2011.

Back 54

Debit Insurance Expense $2,000
Credit Prepaid Insurance $2,000

Front 55

What is the classification and is it a Debit or Credit.

Prepaid Rent

Back 55

Current asset and Debit

Front 56

What is the classification and is it a Debit or Credit.

Insurance Expense

Back 56

Expense and Debit

Front 57

What is the classification and is it a Debit or Credit.

Supplies Expense

Back 57

Expense and Debit

Front 58

What is the classification and is it a Debit or Credit.

Service Revenue

Back 58

Revenue and Credit

Front 59

What is the classification and is it a Debit or Credit.

Dividends

Back 59

Owners’ Equity and Debit

Front 60

What is the classification and is it a Debit or Credit.

Interest Revenue

Back 60

Revenue and Credit

Front 61

What is the classification and is it a Debit or Credit.

Wages payable

Back 61

Current Liabilities and Credit

Front 62

On December 1, 2011 Casio Company paid $12,000 for insurance coverage for six months. Prepaid
Insurance (a real account) was debited. The Company adjusts and closes its accounting records of December 31.

Prepare the general journal entry required to record the payment of insurance on December 1, 2011.

Back 62

Debit Prepaid Insurance 12,000
Credit Cash 12,000

Front 63

On December 1, 2011 Casio Company paid $12,000 for insurance coverage for six months. Prepaid
Insurance (a real account) was debited. The Company adjusts and closes its accounting records of December 31

As of December 31, 2011, what should the adjusted balances in Prepaid Insurance and Insurance Expense be?

Back 63

Debit balance Prepaid Insurance $10,000
Debit balance Insurance Expense $2,000

Front 64

On December 1, 2011 Casio Company paid $12,000 for insurance coverage for six months. Prepaid
Insurance (a real account) was debited. The Company adjusts and closes its accounting records of December 31

Prepare the general journal entry required to adjust Prepaid Insurance on December 31, 2011.

Back 64

Debit Insurance Expense $2,000
Credit Prepaid Insurance $2,000

Front 65

What is the classification and is it a Debit or Credit.

Prepaid Rent

Back 65

Current asset and Debit

Front 66

What is the classification and is it a Debit or Credit.

Insurance Expense

Back 66

Expense and Debit

Front 67

What is the classification and is it a Debit or Credit.

Supplies Expense

Back 67

Expense and Debit

Front 68

What is the classification and is it a Debit or Credit.

Service Revenue

Back 68

Revenue and Credit

Front 69

What is the classification and is it a Debit or Credit.

Dividends

Back 69

Owners’ Equity and Debit

Front 70

What is the classification and is it a Debit or Credit.

Interest Revenue

Back 70

Revenue and Credit

Front 71

What is the classification and is it a Debit or Credit.

Accumulated Depreciation

Back 71

Property and Equipment and Credit

Front 72

What is the classification and is it a Debit or Credit.

Interest Expense

Back 72

Expense and Debit

Front 73

What is the classification and is it a Debit or Credit.

Unearned Revenue

Back 73

Current Liabilities and Credit

Front 74

What is the classification and is it a Debit or Credit.

Prepaid Insurance

Back 74

Current asset and Debit

Front 75

What is the classification and is it a Debit or Credit.

Depreciation Expense

Back 75

Expense and Debit

Front 76

What is the classification and is it a Debit or Credit.

Common Stock

Back 76

Owners’ Equity and Credit

Front 77

What is the classification and is it a Debit or Credit.

Cash

Back 77

Current asset and Debit

Front 78

In January 2006, Tom Company sold shares of common stock to new investors for $50,000.

The journal entry would be

Back 78

Debit $50,000 cash which is a current assets
Credit $50,000 to common stock which is owners equity

Front 79

What is the classification and is it a Debit or Credit.

Notes Payable – due within a year

Back 79

Current Liabilities and Credit

Front 80

What is the classification and is it a Debit or Credit.

Retained Earnings,

Back 80

Owners’ Equity and Credit

Front 81

What is the classification and is it a Debit or Credit.

Notes Payable, due after one year

Back 81

Long term Liabilities and Credit

Front 82

Frank Inc. purchased office equipment on account.

The journal entry would be

Back 82

Debit Equipment
Credit accounts payable

Front 83

Sue Company recorded $5,000 of depreciation on its equipment.

The journal entry would be

Back 83

Debit depreciation expense
Credit Accumulated Depreciation

Front 84

the stockholders of Fall Corporation invested an additional $50,000 in the Corporation and received additional shares of common stock.

The journal entry would be

Back 84

Debit Cash $50,0000
Credit Common Stock $50,000

Front 85

Mo Company purchased a delivery truck for cash

The Journal entry is

Back 85

Debit Equipment
Credit cash