Debits and Credits Flashcards
1
Q
Chart of Accounts
A
list of accounts in a company’s accounting system
Balance Sheet Accounts
Income Statement Accounts
2
Q
Balance Sheet Accounts
A
assets
liabilities
owner’s/stockholder’s equity
3
Q
Income Statement Accounts
A
Revenue
Expenses
Gains
Losses
4
Q
D-E-A-L
A
Dividends (Draws)
Expenses
Assets
Losses
5
Q
D-E-A-L - Normal Account Balance
A
Debit
6
Q
G-I-R-L-S
A
Gains Incomes Revenue Liabilities Stockholder's equity
7
Q
G-I-R-L-S - Normal Account Balance
A
Credit
8
Q
When is Cash Debited?
A
when it is RECEIVED
9
Q
When is Cash Credit?
A
when it is PAID OUT
10
Q
Revenues and Gains are usually______
A
Credited
11
Q
Expenses and Losses are usually_____
A
Debited
12
Q
General Journal Format
A
Date
Account Title (dr.) and $$$
Account Title (cr.) and $$$
-Credited account indented-
13
Q
Assets NAB
A
Debit
14
Q
Contra assets NAB
A
Credit
15
Q
Liability NAB
A
Credit
