Debits/Credits- Specific Accounts Flashcards by Mike Merriam | Brainscape

Q

Accounts Payable

A

Liability

Credits increase

Debits decrease

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Q

Accounts Receivable

A

Asset

Debits increase

Credits decrease

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Q

Accumulated Depreciation

A

Contra Asset

Credits increase

Debits decrease

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Q

Advertising Expense

A

Expense

Debits increase

Credits decrease

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Q

Allowance for Uncollectible Accounts

A

Contra Asset

Credits increase

Debits decrease

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Q

Amortization Expense

A

Expense

Debits increase

Credits decrease

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Q

Available for Sale Securities

A

Asset

Debits increase

Credits decrease

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Q

Bonds Payable

A

Liability

Credits Increase

Debits Decrease

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Q

Building

A

Asset

Debits increase

Credits decrease

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Q

Capital Stock

A

Equity

Credits increase

Debits decrease

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Q

Cash

A

Asset

Debits increase

Credits decrease

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Q

Cash over

A

Revenue

Credits increase

Debits decrease

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Q

Cash short

A

Liability

Credits increase

Debits decrease

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Q

Charitable Contributions Payable

A

Liability

Credits increase

Debits decrease

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Q

Common Stock

A

Equity

Credits increase

Debits decrease

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Q

Currency Exchange Loss

A

Loss

Debits increase

Credits decrease

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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. Only used during close out.

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