AAMI ACCOUNTING ONE FINAL REVIEW WITH VERIFIED SOLUTIONS

AAMI ACCOUNTING ONE FINAL REVIEW WITH VERIFIED SOLUTIONS How do you increase an asset account? Debit How do you decrease an asset account? Credit How do you increase a liability account? Credit How do you decrease a liability account? debit How do you increase revenue? Credit How do you increase expenses? debit What is the accounting equation? Assets=Liabilities+Owner's Equity Cash is a(n): Asset Revenue is a(n): Owner's Equity Accounts Receivable is a(n): Asset Mortgage Payable is a(n): Liability Accounts Payable is a(n): Liability Office Equipment is a(n): Asset Capital is a(n): Owner's Equity Automotive Equipment is a(n): Asset The book of original entry is The Journal What account would you credit if you did a funeral and received cash? Revenue What account would you debit if you did a funeral