Debits and Credits (expanded)

Question 1

A normal balance for an ASSET is a ________.

Answer 1

debit

Question 2

A normal balance for a LIABILITY is a ________.

Answer 2

credit

Question 3

A normal balance for CONTRIBUTED CAPITAL is a ________.

Answer 3

credit

Question 4

A normal balance for RETAINED EARNINGS is a ________.

Answer 4

credit

Question 5

A normal balance for REVENUE is a ________.

Answer 5

credit

Question 6

A normal balance for an EXPENSE is a ________.

Answer 6

debit

Question 7

A normal balance for a CONTRA ASSET is a ________.

Answer 7

credit

Question 8

When you debit an asset, the amount __________.

Answer 8

increases

Question 9

When you credit an asset, the amount __________.

Answer 9

decreases

Question 10

When you debit a liability, the amount __________.

Answer 10

decreases

Question 11

When you credit a liability, the amount __________.

Answer 11

increases

Question 12

When you credit contributed capital, the amount __________.

Answer 12

increases

Question 13

When you debit contributed capital, the amount __________.

Answer 13

decreases

Question 14

When you credit retained earnings, the amount __________.

Answer 14

increases

Question 15

When you debit retained earnings, the amount __________.

Answer 15

decreases

Question 16

When you credit revenue, the amount __________.

Answer 16

increases

Question 17

When you debit revenue, the amount __________.

Answer 17

decreases

Question 18

When you credit an expense, the amount __________.

Answer 18

decreases

Question 19

When you debit an expense, the amount __________.

Answer 19

increases

Question 20

When you credit a contra asset, the amount __________.

Answer 20

increases

Question 21

When you debit a contra asset, the amount __________.

Answer 21

decreases