exercises in simple debit
DESCRIPTION
Math exercises about debitTRANSCRIPT
Simple Debit/Credit Rule ~
All Accounts have a Normal Balance which is either a Debit Balance or a Credit Balance. Assets, Expenses, and Draws all have Normal Debit
Balances. Liabilities, Owner's Equity [Capital), and Revenue all have Normal Credit Balances. Enter an amount in the Normal Balance Side of an
Account to Increase the Balance of an Account and in the opposite side to Decrease the Balance of an Account.
instructions:
Select whether a Debit or Credit should be used to record the following and the Account's Normal Type of Balance:
Debit/Credit
Account
1. increase a Liability Account
2. Decrease an Asset Account
3. Increase an Asset Account
4. Decrease a Liability Account
5. Increase an Owner's Draw Account
6. Increase a Revenue Account
7. Decrease an Expense Account
8. Decrease a Revenue Account
9.1ncrease an Owner's Capital (Equity) Account
10. Decrease an Owner's Draw Account
Debit Balance/credit Balance
What is the normal balance for the following accounts? Debit/ Credit
ACCOUNTS
1. Accounts Payable
2. Cash
3. Land
4. Notes Payable
5. Accounts Receivable
6. Mary Smith, Capital
7. Supplies
8.Supplies Expense
9. Prepaid Insurance
10. Service Revenue
11. Mary Smith, Drawing
12. Equipment
ACCOUNTS
10. Service Revenue
11. Mary Smith, Drawing 1L 12. t;;q v-(P Y"'- ~
1 13. Unearned Revenue
DEBlT/CREDlT