Study Guide 2
Perfect Score
Name Identifying Accounting Terms
5 Pts.
Analyzing Transactions into Debit and Credit Parts
2 0 Pts.
Identifying Cfianges in Accounts
1 5 Pts.
Total
4 0 Pts.
Your Score
Part One—Identifying Accounting Terms D i r e c t i o n s : Select the o n e t e r m i n C o l u m n I t h a t b e s t f i t s e a c h d e f i n i t i o n i n C o l u m n I I . P r i n t the letter i d e n t i f y i n g y o u r c h o i c e i n the A n s w e r s c o l u m n .
Column
I
Column
II
Ansvi/ers
A.
c h a r t of a c c o u n t s
1 . A n a c c o v m t i n g d e v i c e u s e d to a n a l y z e t r a n s a c t i o n s , ( p . 29)
1.
B.
credit
2. A n a m o i m t r e c o r d e d o n the left s i d e of a T a c c o u n t , ( p . 29)
2.
C.
debit
3. A n a m o u n t r e c o r d e d o n the r i g h t s i d e of a T a c c o u n t , ( p . 29)
3.
D.
n o r m a l balance
4. T h e s i d e of the a c c o u n t t h a t i s i n c r e a s e d , ( p . 29)
4.
E.
T account
5. A list of a c c o u n t s u s e d b y a b u s i n e s s , ( p . 32)
5.
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Part Two—Analyzing Transactions into Debit and Credit Parts Directions: A n a l y z e e a c h o f the f o l l o w i n g t r a n s a c t i o n s into d e b i t a n d c r e d i t p a r t s . P r i n t the letter i d e n t i f y i n g y o u r choice i n the p r o p e r A n s w e r s c o l u m n s . Account A. B. C.
Cash Accounts Receivable— Imagination Station Supplies
Titles
D . Prepaid Insurance E . Accormts P a y a b l e — Suburban Office Supplies F . J . Nichols, Capital
G . J . Nichols, Drawing H . Sales I . Rent Expense
Ansv/ers Debit
Credit
1-2.
R e c e i v e d c a s h f r o m o w n e r a s a n i n v e s t m e n t , ( p . 32)
1.
2.
3-4.
P a i d cash for supplies, (p. 33)
3.
4.
5.
6.
B o u g h t s u p p l i e s o n a c c o u n t f r o m S u b u r b a n O f f i c e S u p p l i e s , ( p . 35)
7.
8.
P a i d c a s h o n a c c o u n t to S u b u r b a n O f f i c e S u p p l i e s , ( p . 36)
9.
10.
11-12. R e c e i v e d c a s h f r o m sales, ( p . 38)
11.
12.
13-14. S o l d s e r v i c e s o n a c c o u n t to I m a g i n a t i o n Station, ( p . 39)
13.
14.
15-16. P a i d c a s h f o r rent. ( p . 40)
15.
16.
17.
18.
19.
20.
5-6. P a i d c a s h f o r i n s u r a n c e , ( p . 34) 7-8. 9-10.
17-18.
R e c e i v e d c a s h o n a c c o u n t f r o m I m a g i n a t i o n Station, ( p . 41)
19-20. P a i d c a s h to o w n e r f o r p e r s o n a l u s e . ( p . 4 2 )
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Part Three—Identifying Changes in Accounts D i r e c t i o n s : F o r e a c h of the f o l l o w i n g i t e m s , select the c h o i c e t h a t b e s t c o m p l e t e s t h e statement. P r i n t the letter i d e n t i f y i n g y o u r choice i n the A n s w e r s c o l u m n .
Ans\\rers 1 . T h e v a l u e s of a l l t h i n g s o w n e d (assets) a r e o n the a c c o i m t e q u a t i o n ' s ( A ) left s i d e ( B ) r i g h t
1.
s i d e ( C ) c r e d i t s i d e ( D ) n o n e of these, ( p . 28) 2. T h e v a l u e s of a l l e q u i t i e s o r c l a i m s a g a i n s t the assets ( l i a b i l i t i e s a n d o w n e r ' s e q u i t y ) a r e o n the a c c o u n t i n g e q u a t i o n ' s ( A ) left s i d e ( B ) r i g h t s i d e ( C ) d e b i t s i d e ( D ) n o n e of these, ( p . 28)
2.
3. A n a m o u n t r e c o r d e d o n the left s i d e of a T a c c o u n t i s a ( A ) debit ( B ) c r e d i t ( C ) n o r m a l
3.
b a l a n c e ( D ) n o n e of these, ( p . 29) 4. A n a m o u n t r e c o r d e d o n the r i g h t s i d e of a T a c c o u n t i s a ( A ) d e b i t ( B ) c r e d i t ( C ) n o r m a l
4.
b a l a n c e ( D ) n o n e of these, ( p . 29) 5. T h e n o r m a l b a l a n c e s i d e of a n y asset a c c o u n t i s the ( A ) d e b i t s i d e ( B ) c r e d i t s i d e ( C ) r i g h t
5.
s i d e ( D ) n o n e of these, ( p . 29) 6. T h e n o r m a l b a l a n c e s i d e of a n y l i a b i l i t y a c c o i m t is the ( A ) d e b i t s i d e ( B ) c r e d i t s i d e ( C ) left
6.
s i d e ( D ) n o n e of these, ( p . 29) 7. T h e n o r m a l b a l a n c e s i d e of a n o w n e r ' s c a p i t a l a c c o u n t is t h e ( A ) debit s i d e ( B ) c r e d i t s i d e
7.
( C ) left s i d e ( D ) n o n e of these, ( p . 29) 8. D e b i t s m u s t e q u a l c r e d i t s ( A ) i n a T a c c o u n t ( B ) o n the e q u a t i o n ' s left s i d e ( C ) o n the e q u a t i o n ' s r i g h t s i d e ( D ) for e a c h t r a n s a c t i o n , ( p . 32)
8.
9. Decreases i n a n asset a c c o u n t a r e s h o w n o n a T a c c o u n t ' s ( A ) d e b i t s i d e ( B ) c r e d i t s i d e
9.
( C ) b a l a n c e s i d e ( D ) n o n e of these, ( p . 30) 10. I n c r e a s e s i n a n asset a c c o i m t a r e s h o w n o n a T a c c o u n t ' s ( A ) d e b i t s i d e ( B ) c r e d i t s i d e
10.
( C ) b a l a n c e s i d e ( D ) n o n e of these, ( p . 30) 11. D e c r e a s e s i n a n y l i a b i l i t y a c c o u n t a r e s h o w n o n a T a c c o u n t ' s ( A ) debit s i d e ( B ) c r e d i t s i d e
11.
( C ) r i g h t s i d e ( D ) n o n e of these, ( p . 30) 12. I n c r e a s e s i n a r e v e n u e a c c o u n t a r e s h o w n o n a T a c c o u n t ' s ( A ) d e b i t s i d e ( B ) c r e d i t s i d e
12.
( C ) left s i d e ( D ) n o n e of these, ( p . 38) 13. T h e n o r m a l b a l a n c e s i d e of a n y r e v e n u e a c c o u n t i s the ( A ) d e b i t s i d e ( B ) c r e d i t s i d e ( C ) left
13.
_____
side ( D ) n o n e of these, ( p . 38) 14. T h e n o r m a l b a l a n c e s i d e of a n y e x p e n s e a c c o u n t is the ( A ) debit s i d e ( B ) c r e d i t s i d e ( C ) r i g h t side ( D ) n o n e of these, ( p . 40)
14.
15. T h e n o r m a l b a l a n c e s i d e of a n o w n e r ' s d r a w i n g a c c o u n t i s t h e ( A ) d e b i t s i d e ( B ) c r e d i t s i d e
15.
( C ) left side ( D ) n o n e of these, ( p . 42)
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W O R K T O G E T H E R , p. 3 1 Determining
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balance, increase, a n d decrease sides for
Chapter
2
Analyzing
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T r a n s a c t i o n s into D e b i t a n d C r e d i t P a r t s
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O N Y O U R O W N , p. 3 1 Determining the normal balance, increase, a n d decrease sides for accounts
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A P P L I C A T I O N P R O B L E M , p. 4 6
Determining the normal balance, increase, a n d decrease sides for accounts 1
Account
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Account Classification
Asset
5
Account's Normal Balance Debit
Cash
4
•
Chapter 2
Credit
6
Increase Side Debit
•
Credit
7
8
Decrease Side Debit
Credit
•
A n a l y z i n g T r a n s a c t i o n s into D e b i t a n d C r e d i t Parts •
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APPLICATION P R O B L E M , p. 4 6 Analyzing transactions into debit a n d credit p a r t s M a r c h 5.
Cash
March 1 .
1,000.00
H a l Rosen, Capital 1,000.00
March 1 .
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M a r c h 3.
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A P P L I C A T I O N P R O B L E M , p. 4 7 Analyzing
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C H A L L E N G E P R O B L E M , p. 4 8
Analyzing transactions recorded in T accounts 1
2
3
Trans. No.
Accounts
Account Classification
Affected Cash
Asset
A d r i a n a Janek, Capital
Owner's Equity
1.
4
5
Entered i n A c c o u n t as a Debit
Credit
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6 Description of Transaction Received cash f r o m o w n e r as investment
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