Debits/Credits Flashcards by Sheneka Landon | Brainscape

Q

Accounts Receivable

A

Asset

Debits increase

Credits decrease

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Accounts Payable

A

Liability

Credits increase

Debits decrease

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Accumulated Depreciation

A

Contra Asset

Credits increase

Debits decrease

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Advertising Expense

A

Expense

Debits increase

Credits decrease

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Allowance for Uncollectible Accounts

A

Contra Asset

Credits increase

Debits decrease

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Amortization Expense

A

Expense

Debits increase

Credits decrease

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Available for Sale Securities

A

Asset

Debits increase

Credits decrease

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Bonds Payable

A

Liability

Credits Increase

Debits Decrease

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Building

A

Asset

Debits increase

Credits decrease

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Capital Stock

A

Equity

Credits increase

Debits decrease

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Cash

A

Asset

Debits increase

Credits decrease

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Cash over

A

Revenue

Credits increase

Debits decrease

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Cash short

A

Liability

Credits increase

Debits decrease

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Charitable Contributions Payable

A

Liability

Credits increase

Debits decrease

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Common Stock

A

Equity

Credits increase

Debits decrease

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Currency Exchange Loss

A

Loss

Debits increase

Credits decrease

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Depreciation Expense

A

Expense

Debits increase

Credits decrease

Q

Discount on Bonds Payable

A

Liability

Credits increase

Debits decrease

Q

Discount on Notes Payable

A

Contra liability

Debits increase

Credits decrease

Q

Dividend Income

A

Revenue

Credits increase

Debits decrease

Q

Dividends

A

Dividend

Debits increase

Credits decrease

Q

Dividends Payable

A

Liability

Credits increase

Debits decrease

Q

Employee Benefit Expense

A

Expense

Debits increase

Credits decrease

Q

Equipment

A

Asset

Debits increase

Credits decrease

Q

Federal Income Tax Payable

A

Liability

Credits increase

Debits decrease

Q

Federal Unemployment Tax Payable

A

Liability

Credits increase

Debits decrease

Q

Freight in

A

Part of calculation of net purchase (expense)

Debits increase

Credits increase

Q

Freight out

A

Expense

Debits increase

Credits decrease

Q

Fuel expense

A

Expense

Credits increase

Debits decrease

Q

Gain

A

Gain

Credits increase

Debits decrease

Q

Health/child flex payable

A

Liability

Credits increase

Debits decrease

Q

Income summary

A

Not a financial statement account

Credit for total revenue

Debit for total expense

Q

Insurance expense

A

Expense

Debits increase

Credits decrease

Q

Insurance payable

A

Liability

Credits increase

Debits decrease

Q

Interest expense

A

Expense

Debits increase

Credits decrease

Q

Interest income

A

Revenue

Credits increase

Debits decrease

Q

Interest payable

A

Liability

Credits increase

Debits decrease

Q

Interest receivable

A

Asset

Debits increase

Credits decrease

Q

Inventory

A

Asset

Debits increase

Credits decrease

Q

Investment in bond

A

Asset

Debits increase

Credits decrease

Q

Investment income

A

Revenue

Credits increase

Debits decrease

Q

Investment

A

Asset

Debits increase

Credits decrease