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    Accounting Debits and Credits Key

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    kareen.arciaga1981
    The document provides a guide for debiting and crediting common accounting accounts. It explains that asset, expense, and discount accounts have normal debit balances and are increased by debiting, while liability, owner's equity, revenue, and contra accounts have normal credit balances and are increased by crediting. The document also notes that expenses are generally debited and revenues credited in transactions, and that "debit" indicates an entry will be recorded on the left side of an account.

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    Accounting Debits and Credits Key

    Uploaded by

    kareen.arciaga1981
    6 views6 pages
    The document provides a guide for debiting and crediting common accounting accounts. It explains that asset, expense, and discount accounts have normal debit balances and are increased by debiting, while liability, owner's equity, revenue, and contra accounts have normal credit balances and are increased by crediting. The document also notes that expenses are generally debited and revenues credited in transactions, and that "debit" indicates an entry will be recorded on the left side of an account.

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    The document provides a guide for debiting and crediting common accounting accounts. It explains that asset, expense, and discount accounts have normal debit balances and are increased by debiting, while liability, owner's equity, revenue, and contra accounts have normal credit balances and are increased by crediting. The document also notes that expenses are generally debited and revenues credited in transactions, and that "debit" indicates an entry will be recorded on the left side of an account.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    6 views6 pages

    Accounting Debits and Credits Key

    Uploaded by

    kareen.arciaga1981
    The document provides a guide for debiting and crediting common accounting accounts. It explains that asset, expense, and discount accounts have normal debit balances and are increased by debiting, while liability, owner's equity, revenue, and contra accounts have normal credit balances and are increased by crediting. The document also notes that expenses are generally debited and revenues credited in transactions, and that "debit" indicates an entry will be recorded on the left side of an account.

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    © All Rights Reserved
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    Debits and Credits Key

    1. . To increase the balance in the following accounts, would you debit the account or
    would you credit the account?

    Accounts Payable

     Debit
     Credit

    Cash

     Debit
     Credit

    Land

     Debit
     Credit

    Notes Payable

     Debit
     Credit

    Accounts Receivable

     Debit
     Credit

    Mary Smith, Capital

     Debit
     Credit

    Supplies

     Debit
     Credit
    Supplies Expense

     Debit
     Credit

    Prepaid Insurance

     Debit
     Credit

    Service Revenue

     Debit
     Credit

    Mary Smith, Drawing

     Debit
     Credit

    Equipment

     Debit
     Credit

    Unearned Revenue

     Debit
     Credit

    2. . To decrease the balance in the following accounts, would you debit the account or
    would you credit the account?

    Accounts Payable

     Debit
     Credit

    Cash

     Debit
     Credit

    Land
     Debit
     Credit

    Notes Payable

     Debit
     Credit

    Accounts Receivable

     Debit
     Credit

    Mary Smith, Capital

     Debit
     Credit

    Supplies

     Debit
     Credit

    Supplies Expense

     Debit
     Credit

    Prepaid Insurance

     Debit
     Credit

    Service Revenue

     Debit
     Credit

    Mary Smith, Drawing

     Debit
     Credit

    Equipment
     Debit
     Credit

    Unearned Revenue

     Debit
     Credit

    3. What is the normal balance for the following accounts?

    Accounts Payable

     Debit
     Credit

    Cash

     Debit
     Credit

    Land

     Debit
     Credit

    Notes Payable

     Debit
     Credit

    Accounts Receivable

     Debit
     Credit

    Mary Smith, Capital

     Debit
     Credit

    Supplies

     Debit
     Credit
    Supplies Expense

     Debit
     Credit

    Prepaid Insurance

     Debit
     Credit

    Service Revenue

     Debit
     Credit

    Mary Smith, Drawing

     Debit
     Credit

    Equipment

     Debit
     Credit

    Unearned Revenue

     Debit
     Credit

    4. . Generally when an expense is involved in a transaction, an expense will be

     Debited
     Credited

    5. . Generally when revenues are involved in a transaction, a revenue account will be

     Debited
     Credited

    6. . The accountant's word to indicate that an entry will be recorded on the left-side of an
    account is
     Debit
     Credit

    7. . A contra-asset account such as Accumulated Depreciation will likely have which


    balance?

     Debit
     Credit

    8. A contra-liability account such as Discount on Notes Payable will likely have which
    balance?

     Debit
     Credit

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