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Finance Foundations Unit 5 Flash Cards Mrs. Sorrell
Decrease O A debit to a revenue will __________ the revenue account.
Asset O Prepaid insurance is classified as a(n) __________.
Debit O To increase an asset you have to __________.
Debit O A __________ will decrease Accounts Payable.
increase O A debit to Utilities Expense will __________ the expense account.
Debit O The normal balance of the drawing account is __________.
increase O The normal balance is the __________ side of the account.
Credit O An accounts receivable is decreased with a __________.
Increase O An investment by the owner will __________ Capital.
credit O To increase Accounts Payable you must __________ the Accounts Payable account.
debit O The normal balance for Accounts Receivable is __________.
debit O A __________ will increase the Drawing account.
debit O An expense has a normal balance of __________.
liability O Anything owed by a company is considered to be a(n) __________.
increase O If the owner withdraws money for personal use, the withdrawal will __________ the Drawing account.
credit O A(n) __________ will cause Capital to be increased.
decrease O Credits to Cash will __________ the Cash account.
capital O An investment by the owner will increase __________.
increase O A debit to rent expense will __________ the rent expense account.
decrease O When a customer pays on their account, this will __________ their balance owed.
asset O Anything of value that is owned is considered to be a(n) __________.
increase, capital O Owner investing money into the company will __________ the __________ account.
decrease, increase O Cash paid to cover advertising expense will __________ the cash account and __________ the advertising expense account.
decrease, decrease O Cash paid on Accounts Payable will __________ cash and __________ accounts payable.
asset O Accounts Receivable is a(n) __________.
liability O Accounts Payable is a(n) __________.
debit O The normal balance for an asset account is __________.
debit O The normal balance for drawing account is __________.
increase O When an owner withdraws money for personal use, the drawing account will __________.
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