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Week 2-CheckPoint-Debits and Credits

Week 2-CheckPoint-Debits and Credits - Debit g To decrease...

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Week 2-CheckPoint-Debits and Credits 1 QUICK STUDY QS 2-3 Linking debit or credit with normal balance C5 Indicate whether a debit or credit decreases the normal balance of each of the following accounts: a. Office Supplies - Credit e. Salaries Expense - Credit i. Interest Revenue -Debit b. Repair Services Revenue - Debit f. Owner Capital - Debit j. Owner Withdrawals - Debit c. Interest Payable - Debit g. Prepaid Insurance - Credit k. Unearned Revenue - Debit d. Accounts Receivable - Credit h. Buildings - Credit l. Accounts Payable – Debit QS 2-4 Analyzing debit or credit by account C5 A1 Identify whether a debit or credit yields the indicated change for each of the following accounts: a. To increase Store Equipment - Debit f. To decrease Unearned Revenue - Debit b. To increase Owner Withdrawals
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Unformatted text preview: - Debit g. To decrease Prepaid Insurance - Credit c. To decrease Cash - Credit h. To increase Notes Payable - Credit d. To increase Utilities Expense - Debit i. To decrease Accounts Receivable - Credit e. To increase Fees Earned - Credit j. To increase Owner Capital – Credit QS 2-5 Identifying normal balance C5 Identify whether the normal balances (in parentheses) assigned to the following accounts are correct or incorrect. a. Office supplies (Debit) - Correct d. Wages Expense (Credit) – Incorrect g. Wages Payable b. Owner Withdrawals (Credit) - incorrect e. Cash (Debit) -Correct (Credit) - Correct c. Fees Earned (Debit) - Incorrect f. Prepaid Insurance (Credit) - Incorrect h. Building (Debit) - Correct...
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