Question 1 of 20 an account is said to have a debit balance if

Question 1 of 20

An account is said to have a debit balance if __________.

  

A. the footing of the debits exceeds the footing of the credits 

B. there are more entries on the debit side than on the credit side  

C. its normal balance is debit without regard to the amounts or number of entries on the debit side  

D. the last entry of the accounting period was posted on the debit side

 

Question 2 of 20

When recording transactions in two or more accounts and the totals of the debits and credits are equal, it is called __________.

  

A. debiting  

B. crediting 

C. posting  

D. double-entry bookkeeping

 

Question 3 of 20

The left side of any account is the __________.

  

A. debit side  

B. credit side  

C. ending balance  

D. footings

 

Question 4 of 20

The beginning balance in Cash was $3,500. Additional cash of $2,000 was received. Checks were written totaling $2,500. The cash balance is __________.

  

A. $2,000 

B. $6,000  

C. $4,500  

D. $3,000     

 

Question 5 of 20

The owner invested personal equipment in the business. To record this transaction __________.

  

A. debit Equipment and credit Accounts Payable

B. debit Accounts Payable and credit Equipment 

C. debit Equipment and credit Capital 

D. credit Equipment and debit Capital

 

Question 6 of 20

An account that would be increased by a credit is __________.

  

A. cash  

B. accounts receivable  

C. utilities expense

D. accounts payable

 

Question 7 of 20

A liability would be credited and an expense debited if __________.

  

A. the business paid a creditor  

B. the business incurred an expense and did not pay the expense immediately  

C. the business bought supplies on account

D. the business bought supplies for cash

 

Question 8 of 20

Jim Walton performed services on credit for $2,450. A debit for this transaction should be recorded to _________.

  

A. revenue  

B. accounts receivable  

C. accounts payable  

D. cash

 

Question 9 of 20

The right side of any account is the __________.

  

A. debit side  

B. credit side  

C. ending balance  

D. footings

 

Question 10 of 20

The Accounts Receivable account has total debit postings of $1,900 and credit postings of $1100. The balance of the account is __________.

  

A. $800 debit       

B. $800 credit  

C. $2,600 credit  

D. $2,600 debit

 

Question 11 of 20

An asset would be debited and a liability credited if __________.

  

A. the business bought supplies for cash  

B. the business incurred an expense and paid it  

C. the business incurred an expense and did not pay for the expense immediately  

D. the business bought equipment on account

 

Question 12 of 20

When an owner records a credit for $650 for revenue earned but not yet received, the amount of the debit should be __________.

 

A. $325  

B. $0  

C. $975  

D. $650

 

Question 13 of 20

Accounts Payable had a normal starting balance of $800. There were debit postings of $600 and credit postings of $300 during the month. The ending balance is __________.

  

A. $500 credit    

B. $1,000 debit  

C. $500 debit  

D. $1,000 credit

 

Question 14 of 20

Office Supplies had a normal starting balance of $75. There were debit postings of $80 and credit postings of $60 during the month. The ending balance is __________.

  

A. $55 debit  

B. $55 credit

C. $95 debit   

D. $95 credit

 

Question 15 of 20

Which of the statements of the rules of debit and credit is true?

  

A. Decrease accounts receivable with a credit and the normal balance is a credit.  

B. Increase accounts payable with a credit and the normal balance is a credit.  

C. Increase capital with a debit and the normal balance is a debit.  

D. Decrease cash with a debit and the normal balance is a debit.

 

Question 16 of 20

The beginning balance in the Computers account was $2,000. The company purchased an additional $1000 worth of computers. The balance in the account is __________.

  

A. debit of $2,000  

B. credit of $3,000  

C. debit of $3,000      

D. credit of $2,000

 

Question 17 of 20

A liability would be credited and an expense debited if __________.

  

A. the business paid a creditor  

B. the business incurred an expense and did not pay the expense immediately  

C. the business bought supplies on account  

D. the business bought supplies for cash

 

Question 18 of 20

What would be the effect on accounts if the owner withdrew cash?

  

A. An asset would be debited and an expense credited.  

B. Withdrawals would be debited and an asset credited.  

C. An asset would be debited and a revenue credited.  

D. An asset would be debited and Capital credited.

 

Question 19 of 20

A debit increases the balance in all of the following accounts, except __________.

  

A. cash  

B. withdrawals  

C. expenses  

D. accounts payable

 

Question 20 of 20

The business incurred an expense and paid it immediately. To record this __________.

  

A. an expense is debited and a liability is credited  

B. an expense is debited and an asset is credited  

C. an expense is debited and Capital is credited  

D. None of the above answers are correct.

 

 

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