1 .Choose all the accounts below that would be INCREASED by a DEBIT entry to the...
1 .Choose all the accounts below that would be INCREASED by a DEBIT entry to the account.
Group of answer choices
Assets
Dividends
Capital Contributions
Revenues
Contra Assets
Losses
Expenses
Liabilities
Contra Revenues
Retained Earnings
Gains
2.
Choose all the accounts below that would be DECREASED by a CREDIT entry to the account.
Group of answer choices
Retained Earnings
Assets
Equity
Expenses
Dividends
Contra Assets
Losses
Liabilities
3.
Choose all the accounts below that would be DECREASED by a DEBIT entry to the account.
Group of answer choices
Expenses
Assets
Contra Revenues
Losses
Dividends
Gains
Equity
Revenues
Liabilities
Contra Assets
4.
Note: The following is just a random bunch of debit and credit entries. It is not meant to balance but test your understanding of the impact of debits and credits. Based on the random debit and credit entries below, compute the NET change in Assets and enter it below. (i.e. add all increases to asset accounts and deduct all decreases to asset accounts):
| Account name | Debit | Credit |
| Land | 29 | |
| Utilities payable | 6 | |
| Gain on sale | 9 | |
| Copyrights | 3 | |
| Mortgages payable | 25 | |
| Prepaid rent | 6 | |
| Advertising expense | 4 |
5
Read the following journal entry and type in below the NET effect that this journal entry had on Assets. In other words add up the increases to total assets and deduct the decreases and enter the amount below:
| Debits | Credits | |
| Cash | 20 | |
| Accounts Receivable | 70 | |
| Sales Revenue | 90 | |
| Cost of Goods Sold | 30 | |
| Inventory | 30 |
6.
Choose ALL of the following accounts that would INCREASE if you were to record a DEBIT entry to the account.
Group of answer choices
Owner, Capital
Delivery Expense
Gain on sale
Prepaid rent
Dividends
Income taxes payable
7.
Note: The following is just a random bunch of debit and credit entries. It is not meant to balance but rather to test your understanding of the impact of debits and credits on a company's Total Equity. Based on the random debit and credit entries below, compute the NET change in the Company's Total Equity and enter it below. (i.e. I am not asking for whether it is a debit a credit balance but rather, "What happened to Equity, did it go Up or Down?"). If Total Equity decreased by 4, enter it as -4:
| Account name | Debit | Credit |
| Land | 23 | |
| Utilities payable | 30 | |
| Gain on sale | 34 | |
| Copyrights | 30 | |
| Mortgages payable | 24 | |
| Prepaid rent | 18 | |
| Advertising expense | 1 |
8.
Assume you needed to record journal entries that would INCREASE each of the the following accounts. Which of the following accounts would need to be DEBITED?
Group of answer choices
Retained earnings
Allowance for doubtful accounts
Rent revenue
Loss on sale
Cash
Notes payable
9.
Mod 12.3b: For each of the following accounts use the drop-down menu to indicate how you would DECREASE each account DEBIT or CREDIT?
Accumulated Depreciation [ Select ] ["Credit", "Debit"]
Dividends Payable [ Select ] ["Debit", "Credit"]
Notes Receivable [ Select ] ["Debit", "Credit"]
Preferred Stock [ Select ] ["Credit", "Debit"]
Interest Revenue [ Select ] ["Debit", "Credit"]
10
Read the following journal entry and type in below the NET effect that this journal entry had on Assets. In other words add up the increases to total assets and deduct the decreases and enter the amount below:
| Debits | Credits | |
| Cash | 40 | |
| Accounts Receivable | 90 | |
| Sales Revenue | 130 | |
| Cost of Goods Sold | 50 | |
| Inventory | 50 |
Homework Answers
| Multiple Choice Questions | |||||
| 1 | Choose all the accounts below that would be INCREASED by a DEBIT entry to the account | ||||
| Assets | |||||
| Dividends | |||||
| Losses | |||||
| Expenses | |||||
| Contra Revenues | |||||
| 2 | Choose all the accounts below that would be DECREASED by a CREDIT entry to the account. | ||||
| Assets | |||||
| Expenses | |||||
| Dividends | |||||
| Losses | |||||
| 3 | Choose all the accounts below that would be DECREASED by a DEBIT entry to the account. | ||||
| Gains | |||||
| Equity | |||||
| Revenues | |||||
| Liabilities | |||||
| Contra Assets | |||||
| 4 | NET change in Assets | 20 | |||
| Account name | Debit | Credit | Assets | ||
| Land | 29 | 29 | |||
| Utilities payable | 6 | - | |||
| Gain on sale | 9 | - | |||
| Copyrights | 3 | (3) | |||
| Mortgages payable | 25 | - | |||
| Prepaid rent | 6 | (6) | |||
| Advertising expense | 4 | - | |||
| NET change in Assets | 20 | ||||
| 5 | NET effect on Assets | 60 | |||
| Debits | Credits | Assets | |||
| Cash | 20 | 20 | |||
| Accounts Receivable | 70 | 70 | |||
| Sales Revenue | 90 | - | |||
| Cost of Goods Sold | 30 | - | |||
| Inventory | 30 | (30) | |||
| NET effect on Assets | 60 |
| 6 | Choose ALL of following accounts that would INCREASE if you were to record a DEBIT entry to account. | ||||
| Delivery Expense | |||||
| Prepaid rent | |||||
| Dividends | |||||
| 7 | NET change in Total Equity | 33 | |||
| Account name | Debit | Credit | Equity | ||
| Land | 23 | - | |||
| Utilities payable | 30 | - | |||
| Gain on sale | 34 | 34 | |||
| Copyrights | 30 | - | |||
| Mortgages payable | 24 | - | |||
| Prepaid rent | 18 | - | |||
| Advertising expense | 1 | (1) | |||
| NET change in Total Equity | 33 | ||||
| 8 | Assume you needed to record journal entries that would INCREASE each of the the following accounts. | ||||
| Which of the following accounts would need to be DEBITED? | |||||
| Loss on sale | |||||
| Cash | |||||
| 9 | Use the drop-down menu to indicate how you would DECREASE each account DEBIT or CREDIT? | ||||
| Accumulated Depreciation | Debit | ||||
| Dividends Payable | Debit | ||||
| Notes Receivable | Credit | ||||
| Preferred Stock | Debit | ||||
| Interest Revenue | Debit | ||||
| 10 | NET effect on Assets | 80 | |||
|
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