QS 2-3 Indicate whether a debit or credit decreases the ...
QS 2-3 Indicate whether a debit or credit decreases the normal balance of each of the following accounts:
A. Office supplies - Credit
B. Repair services revenue - Debit
C. Interest payable - Debit
D. Accounts receivable - Credit
E. Salaries expense - Credit
F. Owner capital - Debit
G. Prepaid insurance - Credit
H. Buildings - Credit
I. Interest revenue - Debit
J. Owner withdrawals - Credit
K. Unearned revenue - Debit
L. Accounts payable - Debit
M.
QS 2-4 Identify whether a debit or credit yields the indicated change for each of the following accounts:
A. To increase store equipment - Debit
B. To increase owner withdrawals - Debit
C. To decrease cash- Credit
D. To increase utilities expense - Debit
E. To increase fees earned - Credit
F. To decrease unearned revenue - Debit
G. To decrease prepaid insurance - Credit
H. To increase notes payable - credit
I. To decrease accounts receivable - Credit
J. To increase owner capital - Credit
QS 2-5 Identify whether the normal balances (in parenthesis) assigned to the following accounts are correct or incorrect:
A. Office supplies (Debit) - Correct
B. Owner withdrawals (Credit) - Incorrect
C. Fees earned (Debit) - incorrect
D. Wages expense (Credit) - Incorrect
E. Cash (Debit) - Correct
F. Prepaid insurance (Credit) - Incorrect
G. Wages payable (Credit) – Correct
H. Building (Debit) - Correct
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