Double Entry

Question 1

If you add to an asset account is it debit or credit?

Answer 1

Debit

Question 2

If you take away from an asset account is it debit or credit?

Answer 2

Credit

Question 3

If you add to a liability account is it debit or credit?

Answer 3

Credit

Question 4

Which one out of the following has a credit balance?

                     Expenses 
                         Or
                     Income

Answer 4

Incomes have a credit balance

Question 5

When inventory is sold what account is opened?

Debit or credit balance?

Answer 5

Sales account and it is a credit balance

Question 6

If you owe something is it credit or debit?

Answer 6

Credit

Question 7

When you open a new asset account, the first entry you make is always in what column?

Debit or credit

Answer 7

Debit

Question 8

If you take away from liability account is it debit or credit?

Answer 8

Debit

Question 9

If you own something is it debit or credit?

Answer 9

Debit

Question 10

When inventory is bought what account is opened and is it debit or credit?

Answer 10

Purchases account and it is debit

Question 11

When you open a new liability or capital account the first entry you make is in what column?

Answer 11

Credit