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Debits and Credits II
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Debits and Credits II
Debits and Credits II
Accounting Play 1
2022-11-07T16:33:21+00:00
Quiz - Debits and Credits II
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Question 1-10
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1. Which of the following is an asset increased with a debit?
Accrued expenses
Deferred revenue
Prepaid expense
Retained earnings
2. Which of the following is a liability increased with a credit?
Prepaid expense
Deferred revenue
Inventory
Accumulated depreciation
3. Decrease
accumulated depreciation
:
Debit
Credit
4. A cash asset sale of depreciated machinery for a gain would require which of the following accounts?
Cash,
Accumulated depreciation
, Gain on sale, Machinery asset
Cash,
Accumulated amortization
, Loss on sale, Machinery asset
Cash,
Accumulated depreciation
,
Revenue
, Machinery asset
Common stock
,
Accumulated depreciation
, Gain on sale, Machinery asset
5. Make credit sale:
Debit cash, Credit it
Debit cash, Credit
common stock
Debit cash, Credit
revenue
Debit
accounts receivable
, Credit
revenue
6. Receive internet bill for May, the last day of May, but not due until June:
Debit
accounts payable
, Credit internet expense
Debit internet expense, Credit
accounts payable
Debit internet liability, Credit cash
Debit internet expense, Credit cash
7. Record
depreciation expense
:
Debit
amortization expense
, Credit
accumulated amortization
Debit
depreciation expense
, Credit
accounts payable
Debit
accumulated depreciation
, Credit
depreciation expense
Debit
depreciation expense
, Credit
accumulated depreciation
8. Which of the following is a contra liability account increased with a debit?
Common stock
Bond discount
Treasury stock
Inventory
9. Sell depreciable asset for a gain:
Debit cash, Debit
accumulated depreciation
, Debit loss, Credit depreciable asset
Debit cash, Debit
accumulated depreciation
, Credit gain, Credit depreciable asset
Debit cash, Debit
accumulated depreciation
, Credit loss, Credit depreciable asset
Debit prepaids, Debit
accumulated depreciation
, Debit loss, Credit depreciable asset
10. Purchase
inventory
with cash
Credit
inventory
, Debit cash
Debit
inventory
, Credit cash
Debit
accounts receivable
, Credit
