Accounting Test Chapter 3 (1)

Accounting Test Chapter 3
Debit 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