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Flashcards in Debits/Credits Deck (42)
0

Accounts Payable

Liability

Credits increase

Debits decrease

1

Accounts Receivable

Asset

Debits increase

Credits decrease

2

Accumulated Depreciation

Contra Asset

Credits increase

Debits decrease

3

Advertising Expense

Expense

Debits increase

Credits decrease

4

Allowance for Uncollectible Accounts

Contra Asset

Credits increase

Debits decrease

5

Amortization Expense

Expense

Debits increase

Credits decrease

6

Available for Sale Securities

Asset

Debits increase

Credits decrease

7

Bonds Payable

Liability

Credits Increase

Debits Decrease

8

Building

Asset

Debits increase

Credits decrease

9

Capital Stock

Equity

Credits increase

Debits decrease

10

Cash

Asset

Debits increase

Credits decrease

11

Cash over

Revenue

Credits increase

Debits decrease

12

Cash short

Liability

Credits increase

Debits decrease

13

Charitable Contributions Payable

Liability

Credits increase

Debits decrease

14

Common Stock

Equity

Credits increase

Debits decrease

15

Currency Exchange Loss

Loss

Debits increase

Credits decrease

16

Depreciation Expense

Expense

Debits increase

Credits decrease

17

Discount on Bonds Payable

Liability

Credits increase

Debits decrease

18

Discount on Notes Payable

Contra liability

Debits increase

Credits decrease

19

Dividend Income

Revenue

Credits increase

Debits decrease

20

Dividends

Dividend

Debits increase

Credits decrease

21

Dividends Payable

Liability

Credits increase

Debits decrease

22

Employee Benefit Expense

Expense

Debits increase

Credits decrease

23

Equipment

Asset

Debits increase

Credits decrease

24

Federal Income Tax Payable

Liability

Credits increase

Debits decrease

25

Federal Unemployment Tax Payable

Liability

Credits increase

Debits decrease

26

Freight in

Part of calculation of net purchase (expense)

Debits increase

Credits increase

27

Freight out

Expense

Debits increase

Credits decrease

28

Fuel expense

Expense

Credits increase

Debits decrease

29

Gain

Gain

Credits increase

Debits decrease

30

Health/child flex payable

Liability

Credits increase

Debits decrease

31

Income summary

Not a financial statement account

Credit for total revenue

Debit for total expense

32

Insurance expense

Expense

Debits increase

Credits decrease

33

Insurance payable

Liability

Credits increase

Debits decrease

34

Interest expense

Expense

Debits increase

Credits decrease

35

Interest income

Revenue

Credits increase

Debits decrease

36

Interest payable

Liability

Credits increase

Debits decrease

37

Interest receivable

Asset

Debits increase

Credits decrease

38

Inventory

Asset

Debits increase

Credits decrease

39

Investment in bond

Asset

Debits increase

Credits decrease

40

Investment income

Revenue

Credits increase

Debits decrease

41

Investment

Asset

Debits increase

Credits decrease