DebitsCredits Drill Practice for Principles of Financial Accounting

Debits/Credits Drill & Practice for Principles of Financial Accounting Flash Cards © Susan M. Moncada, Ph. D. , CPA, Indiana State University 2010 1

How to Use the Flashcards 1. 2. 3. 4. Launch the Power. Point presentation. Click on a Card’s hyperlink label. Click on the Debit or Credit Button Click the Return button on the Feedback Screens 5. Caution: Clicking on areas of the screen other than areas specified will cause the drill and practice activity to malfunction. 6. Note: To repeat the activity, the file will need to be closed and re-opened. 7. Feedback based on EARLS acronym. 2

Select a Flash Card CARD 1 CARD 2 CARD 3 CARD 4 CARD 5 CARD 6 CARD 7 CARD 8 CARD 9 CARD 10 CARD 11 CARD 12 CARD 13 CARD 14 CARD 15 CARD 16 CARD 17 CARD 18 CARD 19 CARD 20 CARD 21 CARD 22 CARD 23 CARD 24 CARD 25

CARD 1 To increase Equipment. . . Debit Credit 4

CARD 6 To decrease Accounts Payable. Debit Credit 5

CARD 11 To increase Commissions Revenue. Debit Credit 6

CARD 16 To increase Maria Sanchez, Capital… Debit Credit 7

CARD 21 To increase Computer Equipment …. Debit Credit 8

CARD 2 To increase Accounts Payable… Debit Credit 9

CARD 7 To decrease Owner’s Equity… Debit Credit 10

CARD 12 To increase Cash in Bank… Debit Credit 11

CARD 17 To increase Utilities Expense Debit Credit 12

CARD 22 To decrease Accounts Receivable… Debit Credit 13

CARD 3 To decrease Accounts Payable, Costco Debit Credit 14

CARD 8 To pay rent expense … Debit Credit 15

CARD 13 To increase Utilities Expense… Debit Credit 16

CARD 18 To increase Desk Chairs… Debit Credit 17

CARD 23 To decrease Cash … Debit Credit 18

CARD 4 To increase farm equipment Debit Credit 19

CARD 9 To increase LAND… Debit Credit 20

CARD 14 To increase Revenue… Debit Credit 21

CARD 19 To increase expenses Debit Credit 22

CARD 24 To increase Maria Sanchez, Withdrawals Debit Credit 23

CARD 5 To decrease office equipment… Debit Credit 24

CARD 10 To increase Rent Expense Debit Credit 25

CARD 15 To increase Sales … Debit Credit 26

CARD 20 To decrease Wages Payable … Debit Credit 27

CARD 25 To decrease Delivery Vehicles. . . Debit Credit 28

Positive Feedback 29

Neg. Feed 1 CARD 1 FEEDBACK: E Expenses A Assets The normal Balance for Assets and Expenses is a Debit 30

Neg. Feed 6 CARD 6 FEEDBACK: R Revenues L S Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit 31

Neg. Feed 11 CARD 11 FEEDBACK: R Revenues L S Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit 32

Neg. Feed 16 CARD 16 FEEDBACK: R Revenues L S Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit 33

Neg. Fed 21 CARD 21 FEEDBACK: Remember Dividends is a Contra Equity Account The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit 34

Neg. Feed 2 CARD 2 FEEDBACK: R Revenues L S Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit 35

Neg. Fed 7 CARD 7 FEEDBACK: R Revenues L S Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit 36

Neg. Feed 12 CARD 12 FEEDBACK: E Expenses A Assets The normal Balance for Assets and Expenses is a Debit 37

Neg. Feed 17 CARD 17 FEEDBACK: Remember Accumulated Depreciation is a contra account. E Expenses A Assets The normal Balance for Assets and Expenses is a Debit 38

Neg. Feed 22 CARD 22 FEEDBACK: E Expenses A Assets The normal Balance for Assets and Expenses is a Debit 39

Neg. Feed 3 CARD 3 FEEDBACK: R Revenues L S Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit 40

Neg. Feed 8 CARD 8 FEEDBACK: E Expenses A Assets The normal Balance for Assets and Expenses is a Debit 41

Neg. Feed 13 CARD 13 FEEDBACK: E Expenses A Assets The normal Balance for Assets and Expenses is a Debit 42

Neg. Feed 18 CARD 18 FEEDBACK: E Expenses A Assets The normal Balance for Assets and Expenses is a Debit 43

Neg. Feed 23 CARD 23 FEEDBACK: E Expenses A Assets The normal Balance for Assets and Expenses is a Debit 44

Neg. Feed 4 CARD 4 FEEDBACK: E Expenses A Assets The normal Balance for Assets and Expenses is a Debit 45

Neg. Feed 9 CARD 9 FEEDBACK: E Expenses A Assets The normal Balance for Assets and Expenses is a Debit 46

Neg. Feed 14 CARD 14 FEEDBACK: R Revenues L S Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit 47

Neg. Feed 19 CARD 19 FEEDBACK: Remember Accumulated Depreciation is a contra account. E A Expenses Assets The normal Balance for Assets and Expenses is a Debit 48

Neg. Feed 24 CARD 24 FEEDBACK: E Expenses A Assets The normal Balance for Assets and Expenses is a Debit 49

Neg. Feed 5 CARD 5 FEEDBACK: E Expenses A Assets The normal Balance for Assets and Expenses is a Debit 50

Neg. Feed 10 CARD 10 FEEDBACK: E Expenses A Assets The normal Balance for Assets and Expenses is a Debit 51

Neg. Feed 15 CARD 15 FEEDBACK: R Revenues L S Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit 52

Neg. Feed 20 CARD 20 FEEDBACK: R Revenues L S Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit 53

Neg. Feed 25 CARD 25 FEEDBACK: E Expenses A Assets The normal Balance for Assets and Expenses is a Debit 54