Exam (elaborations)
Accounting Test Chapter 3 (1)
- Institution
- 9.4.1 Transaction Processing Systems
Accounting Test Chapter 3 (1)
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Accounting Test Chapter 3Debit side - ANS-the normal balance side of an owner's drawing account is the
Credit side - ANS-The normal balance side of an owner's equity account is the
Debit-supplies
Credit-Acct pay Ling Music Supplies - ANS-Bought supplies on account from Ling Music
Supplies
Credit side - ANS-The normal balance side of any liability account is the
Right side - ANS-The values of all equities or claims against the assets (liabilities and owner's
equity) are on the accounting equation's
Debit- Rent Expense
Credit-Cash - ANS-Paid cash for rent
Chart Of Accounts - ANS-a list of accounts used by a business
credit - ANS-An amount recorded on the right side
debit - ANS-An amount recorded on the left side
Normal Balance - ANS-The side of the account that is increased
T account - ANS-An accounting device used to analyze transactions
Credit side - ANS-Decreases in an asset account are shown on a T account's
Debit side - ANS-The normal balance side of any expense account is the
Credit side - ANS-Increases in a revenue account are shown on a T account's
Debit must equal credit - ANS-In all transactions
Credit side - ANS-Increases in an owner's capital account are shown on a T account's
Debit side - ANS-Decreases in any liability account are shown on a T account's
Debit- Barbara Trevino, drawing
Credit- Cash - ANS-Paid cash to owner for personal use
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