Chapter 5 Final Questions

A. Asset debit B. Asset credit C. Liability debit D. Liability credit E. Capital debit F. Capital credit G. Drawings debit H. Drawings credit 1. Revenue debit J. Revenue credit K. Expense debit L. Expense credit 1. Purchase a new car on account. 2. Receive payment on account from a customer. 3. Owner withdraws cash for personal use. 4. Owner starts a new business by investing cash. 5. The car is repaired and paid for in cash immediately. 6. Perform a service for a customer for cash. 7. Perform a service for a customer on account. 8. Purchase supplies for cash. 9. Receive a bill for gas and oil for the car. 10. Pay a creditor on account. 11. Throw out some ruined supplies. Dr 1. A 2. 3. 4. 5. 6. 7. 8. 9. 10. Cr D