1 .Choose all the accounts below that would be INCREASED by a DEBIT entry to the account.

Group of answer choices

Assets

Dividends

Capital Contributions

Revenues

Contra Assets

Losses

Expenses

Liabilities

Contra Revenues

Retained Earnings

Gains

2.

Choose all the accounts below that would be DECREASED by a CREDIT entry to the account.

Group of answer choices

Retained Earnings

Assets

Equity

Expenses

Dividends

Contra Assets

Losses

Liabilities

3.

Choose all the accounts below that would be DECREASED by a DEBIT entry to the account.

Group of answer choices

Expenses

Assets

Contra Revenues

Losses

Dividends

Gains

Equity

Revenues

Liabilities

Contra Assets

4.

Note: The following is just a random bunch of debit and credit entries. It is not meant to balance but test your understanding of the impact of debits and credits. Based on the random debit and credit entries below, compute the NET change in Assets and enter it below. (i.e. add all increases to asset accounts and deduct all decreases to asset accounts):

Account name	Debit	Credit
Land	29
Utilities payable	6
Gain on sale		9
Copyrights		3
Mortgages payable		25
Prepaid rent		6
Advertising expense	4

5

Read the following journal entry and type in below the NET effect that this journal entry had on Assets. In other words add up the increases to total assets and deduct the decreases and enter the amount below:

	Debits	Credits
Cash	20
Accounts Receivable	70
Sales Revenue		90
Cost of Goods Sold	30
Inventory		30

6.

Choose ALL of the following accounts that would INCREASE if you were to record a DEBIT entry to the account.

Group of answer choices

Owner, Capital

Delivery Expense

Gain on sale

Prepaid rent

Dividends

Income taxes payable

7.

Note: The following is just a random bunch of debit and credit entries. It is not meant to balance but rather to test your understanding of the impact of debits and credits on a company's Total Equity. Based on the random debit and credit entries below, compute the NET change in the Company's Total Equity and enter it below. (i.e. I am not asking for whether it is a debit a credit balance but rather, "What happened to Equity, did it go Up or Down?"). If Total Equity decreased by 4, enter it as -4:

Account name	Debit	Credit
Land	23
Utilities payable	30
Gain on sale		34
Copyrights		30
Mortgages payable		24
Prepaid rent		18
Advertising expense	1

8.

Assume you needed to record journal entries that would INCREASE each of the the following accounts. Which of the following accounts would need to be DEBITED?

Group of answer choices

Retained earnings

Allowance for doubtful accounts

Rent revenue

Loss on sale

Cash

Notes payable

9.

Mod 12.3b: For each of the following accounts use the drop-down menu to indicate how you would DECREASE each account DEBIT or CREDIT?

Accumulated Depreciation [ Select ] ["Credit", "Debit"]

Dividends Payable [ Select ] ["Debit", "Credit"]

Notes Receivable [ Select ] ["Debit", "Credit"]

Preferred Stock [ Select ] ["Credit", "Debit"]

Interest Revenue [ Select ] ["Debit", "Credit"]

10

Read the following journal entry and type in below the NET effect that this journal entry had on Assets. In other words add up the increases to total assets and deduct the decreases and enter the amount below:

	Debits	Credits
Cash	40
Accounts Receivable	90
Sales Revenue		130
Cost of Goods Sold	50
Inventory		50