Solved

Insert in the Blank for Each Statement Either the Word

Question 67

Matching

Insert in the blank for each statement either the word "debit" or "credit."

Premises:

Responses:

The accounts payable account is decreased with a -------

debit

The prepaid insurance account is increased by entering a------

credit

Owner's equity is increased with a ------

The wages expense account is increased with a

The fees earned account is increased with a -----------

An asset account is increased with a ------

To place an amount on the left-hand side of the T account is to ------- the account

The owner's capital account is increased with a -------

The drawing account is decreased by entering a -------

The equipment account is decreased with a -----------

Premises:

The accounts payable account is decreased with a -------

The prepaid insurance account is increased by entering a------

Owner's equity is increased with a ------

The wages expense account is increased with a

The fees earned account is increased with a -----------

An asset account is increased with a ------

To place an amount on the left-hand side of the T account is to ------- the account

The owner's capital account is increased with a -------

The drawing account is decreased by entering a -------

The equipment account is decreased with a -----------

Responses:

debit

credit

Correct Answer:

Premises:

Responses:

The accounts payable account is decreased with a -------

The prepaid insurance account is increased by entering a------

Owner's equity is increased with a ------

The wages expense account is increased with a

The fees earned account is increased with a -----------

An asset account is increased with a ------

To place an amount on the left-hand side of the T account is to ------- the account

The owner's capital account is increased with a -------

The drawing account is decreased by entering a -------

The equipment account is decreased with a -----------