1) What's the normal balance side of any asset? a) debit b) credit 2) What is the increase side of any asset? a) debit b) credit 3) What is the decrease side of any asset? a) debit b) credit 4) What is the increase side of any liability? a) debit b) credit 5) What is the decrease side of any liability? a) debit b) credit 6) What is the normal balance side of any liability? a) debit b) credit 7) What is the normal balance side of the owner's capital account? a) debit b) credit 8) What is the increase side of the owner's capital account? a) debit b) credit 9) What is the decrease side of the owner's capital account? a) debit b) credit 10) Classify Cash a) asset b) liability c) owner's equity 11) Classify Jen Jenkins, Capital a) asset b) liability c) owner's equity 12) Classify Accounts Payable--Office Depot a) asset b) liability c) owner's equity 13) Classify Accounts Receivable--Gina Magee a) asset b) liability c) owner's equity 14) Classify Supplies a) asset b) liability c) owner's equity 15) Classify Prepaid Insurance a) asset b) liability c) owner's equity 16) Classify Prepaid Insurance a) asset b) liability c) owner's equity 17) Classify Accounts Payable--Wagner Industries a) asset b) liability c) owner's equity 18) What is the left side of a T-Account called? a) debit b) credit 19) What is the right side of a T-Account called? a) debit b) credit 20) What is the accounting equation? a) assets = liabilities + owner's drawing b) assets = liabilities - owner's equity c) assets = liabilities + owner's equity d) assets = liabilities - owner's drawing 21) What is the normal balance side of the Sales account? a) debit b) credit 22) What is the increase side of the Sales account? a) debit b) credit 23) What is the decrease side of the Sales account? a) debit b) credit 24) What is the increase side of any expense account? a) debit b) credit 25) What is the decrease side of any expense account? a) debit b) credit 26) What is the increase side of the drawing account? a) debit b) credit 27) What is the decrease side of the drawing account? a) debit b) credit 28) What is the classification of the owner's drawing account? a) asset b) liability c) owner's equity 29) What is the classification of the Sales account? a) asset b) liability c) revenue

Chapter 2 Normal Balance Game

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