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Hosted by Ms. Appel

Hosted by Ms. Appel. Final. Debit or Credit. True/False 1. True/False 2. A, L or OE. 100. 100. 100. 100. 200. 200. 200. 200. 300. 300. 300. 300. 400. 400. 400. 400. 500. 500. 500. 500. Row 1, Col 1. What is True?. An accounting device used

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Hosted by Ms. Appel

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  1. Hosted by Ms. Appel

  2. Final Debit or Credit True/False 1 True/False 2 A, L or OE 100 100 100 100 200 200 200 200 300 300 300 300 400 400 400 400 500 500 500 500

  3. Row 1, Col 1 What is True? An accounting device used to analyze transactions is a T Account

  4. Row 1, Col 2 What is False? An amount recorded on the left side of a T account is a credit

  5. Row 1, Col 3 What is Debit? The Normal Balance of any Asset Account

  6. Row 1, Col 4 What is Asset? Cash

  7. Row 2, Col 1 What is True? Asset accounts increase on the Debit side

  8. Row 2, Col 2 What is True? When cash is paid for supplies, the supplies account is increased by a debit.

  9. Row 2, Col 3 What is Credit? Daily Double Increases in sales are recorded as a

  10. Row 2, Col 4 What is Liability? Accounts Payable

  11. Row 3, Col 1 What is False? Advertising Expense is increased with a credit

  12. Row 3, Col 2 What is True? Prepaid insurance will decrease with a credit.

  13. Row 3, Col 3 What is Credit? Normal Balance of any Liability account

  14. Row 3, Col 4 What is Owner’s Equity? Daily Double Owner’s Drawing Account

  15. Row 4, Col 1 What is False? Common accounting practice is to record withdrawals as debits directly in the owner’s capital account

  16. Row 4, Col 2 What is False? Capital accounts are increased with a debit

  17. Row 4, Col 3 What is Debit? Expense account Normal Balance

  18. Row 4, Col 4 What is Owner’s Equity (or Revenue)? Sales

  19. Row 5, Col 1 What is False? All owner’s equity accounts are increased on the credit side because the owner’s capital account has a normal balance on the credit side.

  20. Row 5, Col 2 What is True? Before a transaction is recorded in the records of a business, it is analyzed to determine which accounts are changed and how.

  21. Row 5, Col 3 What is A/P? Bought supplies on account, the credit would be to this account

  22. Row 5, Col 4 What is Asset? Accounts Receivable

  23. Final Jeopardy Draw T Accounts for this transaction: Sold Services on Account to JP Supply, $1,000.00 Category: T-Account Transactions

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