Welcome to... A Game of X’s and O’s

Rules Groups of two are asked and can answer as a pair NO NOTESNO NOTES Go around the room in order 3 in a row wins the game If no team gets three in a row, whichever team gets 5 marks wins the game Best of 3 series Each win is worth a bonus point

Scoreboard X O Click Here if X Wins Click Here if O Wins

1 What is the normal balance side of any Accounts Payable account?

1 CREDIT Home

2 What is the normal balance side of the cash account?

2 DEBIT

3 The left side of a T account is called the ___?

3 DEBIT

4 When buying supplies with cash, which side of the cash account is affected?

4 CREDIT

5 The advertising expense account is increased with a ______.

5 DEBIT

6 When purchasing supplies with cash, which side of the supplies account is affected?

6 DEBIT

7 What is the normal balance side of any Accounts Receivable account?

7 DEBIT

8 Increases in the sales account are posted on which side of the account?

8 CREDIT

9 Classify the following account: Prepaid Insurance

9 ASSET

Scoreboard X O Click Here if X Wins Click Here if O Wins

1 What is an accounting device used to analyze transactions?

1 T ACCOUNT Home

2 Classify the following account: Telephone expense

2 OWNER’S EQUITY

3 What is a list of accounts used by a company called?

3 CHART OF ACCOUNTS

4 T/F? Increases in expense accounts are recorded as debits because they decrease the owner’s capital account.

4 TRUE

5 When a business pays cash on account, which side of the accounts payable account is affected?

5 DEBIT

6 Each transaction changes the balance of a least _____ account(s)

6 TWO

7 Classify the account: Accounts receivable – Joe’s Crab Shack

7 ASSET

8 Classify the account: Sales

8 OWNER’S EQUITY

9 The drawing account is _____ by debits and _____ by credits

9 INCREASED; DECREASED

Scoreboard X O Click Here if X Wins Click Here if O Wins

1 Bought supplies on account from Old Navy.

1 DEBIT SUPPLIES; CREDIT OLD NAVY Home

2 Paid cash for insurance.

2 DEBIT INSURANCE; CREDIT CASH

3 Paid cash to owner Frank Thomas.

3 DEBIT FRANK THOMAS, DRAWING; CREDIT CASH

4 Paid cash for supplies.

4 DEBIT SUPPLIES; CREDIT CASH

5 Wrote a check for miscellaneous expense.

5 DEBIT MISCELLANEOUS EXPENSE; CREDIT CASH

6 Received cash from sales.

6 DEBIT CASH, CREDIT SALES

7 Sold services on account to Universal Inc.

7 DEBIT ACCTS REC. UNIVERSAL INC.; CREDIT SALES

8 Received cash from owner Frank Thomas as an investment.

8 DEBIT CASH; CREDIT FRANK THOMAS, CAPITAL

9 Bought supplies on account from Rawlings Inc.

9 DEBIT SUPPLIES; CREDIT ACCTS PAY. – RAWLINGS INC.