Finance FoundationsUnit 5 Flash
CardsMrs. Sorrell
DecreaseO A debit to a revenue will __________
the revenue account.
AssetO Prepaid insurance is classified as
a(n) __________.
DebitO To increase an asset you have to
__________.
DebitO A __________ will decrease Accounts
Payable.
increaseO A debit to Utilities Expense will
__________ the expense account.
DebitO The normal balance of the drawing
account is __________.
increaseO The normal balance is the __________
side of the account.
CreditO An accounts receivable is decreased
with a __________.
IncreaseO An investment by the owner will
__________ Capital.
creditO To increase Accounts Payable you
must __________ the Accounts Payable account.
debitO The normal balance for Accounts
Receivable is __________.
debitO A __________ will increase the
Drawing account.
debitO An expense has a normal balance of
__________.
liabilityO Anything owed by a company is
considered to be a(n) __________.
increaseO If the owner withdraws money for
personal use, the withdrawal will __________ the Drawing account.
creditO A(n) __________ will cause Capital to
be increased.
decreaseO Credits to Cash will __________ the
Cash account.
capitalO An investment by the owner will
increase __________.
increaseO A debit to rent expense will
__________ the rent expense account.
decreaseO When a customer pays on their
account, this will __________ their balance owed.
assetO Anything of value that is owned is
considered to be a(n) __________.
increase, capitalO Owner investing money into the
company will __________ the __________ account.
decrease, increaseO Cash paid to cover advertising
expense will __________ the cash account and __________ the advertising expense account.
decrease, decreaseO Cash paid on Accounts Payable will
__________ cash and __________ accounts payable.
assetO Accounts Receivable is a(n)
__________.
liabilityO Accounts Payable is a(n) __________.
debitO The normal balance for an asset
account is __________.
debitO The normal balance for drawing
account is __________.
increaseO When an owner withdraws money for
personal use, the drawing account will __________.