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Debits and Credits

(Practice Quiz)
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If you have difficulty answering the following

questions, learn more about this topic by
reading our Debits and Credits (Explanation)
and Additional Explanation.

Use the following information for questions 1 and 2:

A company receives $500 of cash as an additional
investment in the company by its owner, Mary Smith.
The company's Cash account is increased and
Mary Smith, Capital is increased.

1. Should the $500 entry to the Cash account be a debit?

Yes
No

2. Should the $500 entry to Mary Smith, Capital be a

debit?

Yes
No

Use the following information for questions 3

through 6:
A company using the accrual method of accounting
performed services on account in August. The services
were for $2,000 and the company gave the customer
credit terms that state the amount is to be paid to the
company in September.

3. Assuming that the company prepares monthly income

statements, what will be the account debited for $2,000
in August?

Cash
Accounts Receivable
Service Revenue

4. Which account should the company credit for $2,000 in

August?

Cash
Accounts Receivable
Service Revenue

5. In September when the company receives the $2,000

from the customer, which account should the company
debit?

Cash
Accounts Receivable
Service Revenue

6. In September when the company receives the $2,000

from the customer, which account should the company
credit?

Cash
Accounts Receivable
Service Revenue

7. To increase the balance in the following accounts,

would you debit the account or would you credit the
account?

Accounts Payable
Debit Credit

Cash
Debit Credit

Land
Debit Credit

Notes Payable
Debit Credit

Accounts Receivable
Debit Credit

Mary Smith, Capital

Debit Credit

Supplies
Debit Credit

Supplies Expense
Debit Credit

Prepaid Insurance
Debit Credit

Service Revenue
Debit Credit

Mary Smith, Drawing

Debit Credit

Equipment
Debit Credit

Unearned Revenue
Debit Credit

8. To decrease the balance in the following accounts,

would you debit the account or would you credit the
account?

Accounts Payable
Debit Credit

Cash
Debit Credit

Land
Debit Credit

Notes Payable
Debit Credit

Accounts Receivable
Debit Credit

Mary Smith, Capital

Debit Credit

Supplies
Debit Credit

Supplies Expense
Debit Credit

Prepaid Insurance
Debit Credit

Service Revenue
Debit Credit

Mary Smith, Drawing

Debit Credit

Equipment
Debit Credit

Unearned Revenue
Debit Credit

9. What is the normal balance for the following accounts?

Accounts Payable
Debit Credit

Cash
Debit Credit

Land
Debit Credit

Notes Payable
Debit Credit

Accounts Receivable
Debit Credit

Mary Smith, Capital

Debit Credit

Supplies
Debit Credit

Supplies Expense
Debit Credit

Prepaid Insurance
Debit Credit

Service Revenue
Debit Credit

Mary Smith, Drawing

Debit Credit

Equipment
Debit Credit

Unearned Revenue
Debit Credit

10. Generally when an expense is involved in a transaction,

an expense will be

Debited
Credited

11. Generally when revenues are involved in a transaction,

a revenue account will be

Debited
Credited

12. The accountant's word to indicate that an entry will be

recorded on the left-side of an account is

Debit
Credit

13. A contra-asset account such as Accumulated

Depreciation will likely have which balance?

Debit
Credit

14. A contra-liability account such as Discount on Notes

Payable will likely have which balance?

Debit
Credit

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About the Author

Harold Averkamp (CPA, MBA) has worked as a
university accounting instructor, accountant, and
consultant for more than 25 years. He is the sole
author of all the materials on AccountingCoach.com

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