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ACG 2021 > Normal Balance Review > Flashcards

Normal Balance Review Flashcards

1
Q

What is the normal balance of Notes Payable?

A

Credit (liability)

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2
Q

What increases a Revenue account? (DR or CR)

A

Credit (CR)

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3
Q

What is the normal balance of Office Supply Expense?

A

Debit (expense)

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4
Q

What is the normal balance of a Dividend account?

A

Debit

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5
Q

What is the normal balance of Retained Earnings?

A

Credit

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6
Q

What increases an Expense account? (DR or CR)

A

Debit (DR)

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7
Q

What is the normal balance of Land?

A

Debit (asset)

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8
Q

What is the normal balance of Patent?

A

Debit (asset)

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9
Q

What increases an Asset account? (DR or CR)

A

Debit (DR)

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10
Q

What is the normal balance of Cash?

A

Debit (asset)

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11
Q

What is the normal balance of Accumulated Depreciation?

A

Credit (contra asset)

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13
Q

What is the normal balance of Sales Revenue?

A

Credit (revenue)

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15
Q

What is the normal balance of Accounts Receivable?

A

Debit (asset)

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16
Q

What is the normal balance of a Common Stock account?

A

Credit

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17
Q

What is the normal balance of Accounts Payable?

A

Credit (liability)

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18
Q

What decreases an Asset account? (DR or CR)

A

Credit (CR)

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19
Q

What decreases a Common Stock account? (DR or CR)

A

Debit (DR)

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21
Q

What is the normal balance of Interest Payable?

A

Credit (liability)

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22
Q

What increases a Contra Asset account? (DR or CR)

A

Credit (CR)

22
Q

What is the normal balance of a Liability account?

23
Q

What is the normal balance of Salary Payable?

A

Credit (liability)

24
Q

What increases a Common Stock account? (DR or CR)

A

Credit (CR)

24
Q

What is the normal balance of an Expense account?

25
Q

What is the normal balance of Prepaid Rent?

A

Debit (asset)

26
Q

What is the normal balance of Service Revenue?

A

Credit (revenue)

28
Q

What decreases a Contra Asset account? (DR or CR)

A

Debit (DR)

29
Q

What is the normal balance of Interest Expense?

A

Debit (expense)

30
Q

What increases a Liability account? (DR or CR)

A

Credit (CR)

30
Q

What is the normal balance of Copyright?

A

Debit (asset)

31
Q

What is the normal balance of a Contra Asset account?

32
Q

What is the normal balance of Supply Expense?

A

Debit (expense)

33
Q

What is the normal balance of Equipment?

A

Debit (asset)

34
Q

What decreases a Liability account? (DR or CR)

A

Debit (DR)

38
Q

What is the normal balance of Depreciation Expense?

A

Debit (expense)

39
Q

What is the normal balance of Unearned Revenue?

A

Credit (liability)

40
Q

What is the normal balance of Office Supplies?

A

Debit (asset)

41
Q

What is the normal balance of Building?

A

Debit (asset)

42
Q

What is the normal balance of Prepaid Insurance?

A

Debit (asset)

43
Q

What is the normal balance of Supplies?

A

Debit (asset)

44
Q

What is the normal balance of Utility Expense?

A

Debit (expense)

45
Q

What is the normal balance of Insurance Expense?

A

Debit (expense)

46
Q

What is the normal balance of Notes Receivable?

A

Debit (asset)

47
Q

What increases a Dividend account? (DR or CR)

A

Debit (DR)

47
Q

What is the normal balance of an Asset account?

47
Q

What is the normal balance of a Revenue account?

47
Q

What is the normal balance of Salary Expense?

A

Debit (expense)

47
Q

What is the normal balance of Advertising Expense?

A

Debit (expense)

ACG 2021 (1 decks)

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