QS 2-3 Indicate whether a debit or credit decreases the ...



QS 2-3 Indicate whether a debit or credit decreases the normal balance of each of the following accounts:

A. Office supplies - Credit

B. Repair services revenue - Debit

C. Interest payable - Debit

D. Accounts receivable - Credit

E. Salaries expense - Credit

F. Owner capital - Debit

G. Prepaid insurance - Credit

H. Buildings - Credit

I. Interest revenue - Debit

J. Owner withdrawals - Credit

K. Unearned revenue - Debit

L. Accounts payable - Debit

M.

QS 2-4 Identify whether a debit or credit yields the indicated change for each of the following accounts:

A. To increase store equipment - Debit

B. To increase owner withdrawals - Debit

C. To decrease cash- Credit

D. To increase utilities expense - Debit

E. To increase fees earned - Credit

F. To decrease unearned revenue - Debit

G. To decrease prepaid insurance - Credit

H. To increase notes payable - credit

I. To decrease accounts receivable - Credit

J. To increase owner capital - Credit

QS 2-5 Identify whether the normal balances (in parenthesis) assigned to the following accounts are correct or incorrect:

A. Office supplies (Debit) - Correct

B. Owner withdrawals (Credit) - Incorrect

C. Fees earned (Debit) - incorrect

D. Wages expense (Credit) - Incorrect

E. Cash (Debit) - Correct

F. Prepaid insurance (Credit) - Incorrect

G. Wages payable (Credit) – Correct

H. Building (Debit) - Correct

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