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

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

Select a Flash Card CARD 1 CARD 2 CARD 3 CARD 4 CARD 5 CARD 6 CARD 7

CARD 1 To increase Equipment... Debit Credit

CARD 6 To decrease Accounts Payable. Debit Credit

CARD 11 To increase Commissions Revenue. Debit Credit

CARD 16 To increase Maria Sanchez, Capital… Debit Credit

CARD 21 To increase Computer Equipment …. Debit Credit

CARD 2 To increase Accounts Payable… Debit Credit

CARD 7 To decrease Owner’s Equity… Debit Credit

CARD 12 To increase Cash in Bank… Debit Credit

CARD 17 To increase Utilities Expense Debit Credit

CARD 22 To decrease Accounts Receivable… Debit Credit

CARD 3 To decrease Accounts Payable, Costco Debit Credit

CARD 8 To pay rent expense … Debit Credit

CARD 13 To increase Utilities Expense… Debit Credit

CARD 18 To increase Desk Chairs… Debit Credit

CARD 23 To decrease Cash … Debit Credit

CARD 4 To increase farm equipment Debit Credit

CARD 9 To increase LAND… Debit Credit

CARD 14 To increase Revenue… Debit Credit

CARD 19 To increase expenses Debit Credit

CARD 24 To increase Maria Sanchez, Withdrawals Debit Credit

CARD 5 To decrease office equipment… Debit Credit

CARD 10 To increase Rent Expense Debit Credit

CARD 15 To increase Sales … Debit Credit

CARD 20 To decrease Wages Payable … Debit Credit

CARD 25 To decrease Delivery Vehicles ... Debit Credit

Positive Feedback

E A CARD 1 FEEDBACK: NegFeed1 Expenses Assets The normal Balance for Assets and Expenses is a Debit

R L S CARD 6 FEEDBACK: NegFeed6 Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

R L S CARD 11 FEEDBACK: NegFeed11 Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

R L S CARD 16 FEEDBACK: NegFeed16 Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

Remember Dividends is a Contra Equity Account NegFed21 CARD 21 FEEDBACK: Remember Dividends is a Contra Equity Account The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

R L S CARD 2 FEEDBACK: NegFeed2 Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

R L S CARD 7 FEEDBACK: NegFed7 Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

E A CARD 12 FEEDBACK: NegFeed12 Expenses Assets The normal Balance for Assets and Expenses is a Debit

NegFeed17 CARD 17 FEEDBACK: Remember Accumulated Depreciation is a contra account. E A Expenses Assets The normal Balance for Assets and Expenses is a Debit

E A CARD 22 FEEDBACK: NegFeed22 Expenses Assets The normal Balance for Assets and Expenses is a Debit

R L S CARD 3 FEEDBACK: NegFeed3 Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

E A CARD 8 FEEDBACK: NegFeed8 Expenses Assets The normal Balance for Assets and Expenses is a Debit

E A CARD 13 FEEDBACK: NegFeed13 Expenses Assets The normal Balance for Assets and Expenses is a Debit

E A CARD 18 FEEDBACK: NegFeed18 Expenses Assets The normal Balance for Assets and Expenses is a Debit

E A CARD 23 FEEDBACK: NegFeed23 Expenses Assets The normal Balance for Assets and Expenses is a Debit

E A CARD 4 FEEDBACK: NegFeed4 Expenses Assets The normal Balance for Assets and Expenses is a Debit

E A CARD 9 FEEDBACK: NegFeed9 Expenses Assets The normal Balance for Assets and Expenses is a Debit

R L S CARD 14 FEEDBACK: NegFeed14 Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

NegFeed19 CARD 19 FEEDBACK: Remember Accumulated Depreciation is a contra account. E A Expenses Assets The normal Balance for Assets and Expenses is a Debit

E A CARD 24 FEEDBACK: NegFeed24 Expenses Assets The normal Balance for Assets and Expenses is a Debit

E A CARD 5 FEEDBACK: NegFeed5 Expenses Assets The normal Balance for Assets and Expenses is a Debit

E A CARD 10 FEEDBACK: NegFeed10 Expenses Assets The normal Balance for Assets and Expenses is a Debit

R L S CARD 15 FEEDBACK: NegFeed15 Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

R L S CARD 20 FEEDBACK: NegFeed20 Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders’ Equity is a Credit

E A CARD 25 FEEDBACK: NegFeed25 Expenses Assets The normal Balance for Assets and Expenses is a Debit