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An accounting device used to analyze transactions is a called a/an ____________T ACCOUNT
An amount recorded on the left side of a T account is a ______DEBIT
Each asset account has a normal _____ balance.DEBIT
Each liability account has a normal _____ balance.CREDIT
The balance of an account _____ on the same side as the normal balance.INCREASES
Asset accounts increase on the ______ side.DEBIT
Each transaction changes the balance in at least ____ accounts.TWO (2)
A list of accounts used by a business is called a _______________CHART OF ACCOUNTS
When cash is paid for supplies, the supplies account is increased by a ______.DEBIT
Common accounting practice is to record withdrawals as debits directly in the ______ account.NAME, DRAWING
The left side of an asset account is the ____ sideDEBIT
A drawing account is increased with a _____.DEBIT
Increases in expense accounts are recorded as debits because they ______ the owner’s capital account. DECREASE
The normal balance side of an accounts receivable is a _____.DEBIT
Accounts Payable accounts are _____ with a credit.INCREASED
Advertising Expense is ____ with a debit.INCREASED
Cash is decreased with a ___.CREDIT
Prepaid Insurance is ____ with a credit.DECREASED
To summarize withdrawal information separately from the other records, owner withdrawal transactions are recorded in the ____ account. DRAWING
Increases to liability accounts are recorded on the ____ side.CREDIT
The right side of a T account is the ____ side.CREDIT
If an amount is recorded on the side of a T account opposite the normal balance side, the account balance ______. DECREASES
The normal balance side of an asset account is the ___ side.DEBIT
When the owner invests cash in a business, the owner’s capital account is increased by a ____.CREDIT
When a business pays cash on account, a liability account is decreased by a _____.DEBIT
When cash is received from sales, the change in the owner’s equity is usually recorded in a separate ______ account. REVENUE
Increases in a revenue account are shown on a T accounts ____ side.CREDIT
ACCOUNTS RECEIVABLE CASHWhen $1,500 cash is received on account, ____ is decreased with a credit and ____ is increased with a debit. ACCOUNTS RECEIVABLE CASH
The normal balance side of any expense account is the ____ side.DEBIT
Analyzing Transactions into Debit and Credit Parts
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