2. Flash Cards Debits/Credits Drill & Practice for Principles of Financial Accounting © Susan M. Moncada, Ph.D., CPA, Indiana State University 2010 1

3. How to Use the Flashcards 1.Launch the PowerPoint presentation. 2.Click on a Cards hyperlink label. 3.Click on the Debit or Credit Button 4.Click the Return button on the Feedback Screens 5.Caution: Clicking on areas of the screen other than areas specified will cause the drill and practice activity to malfunction. 6.Note: To repeat the activity, the file will need to be closed and re-opened. 7.Feedback based on EARLS acronym. 2

4. CARD 1 CARD 2 CARD 3 CARD 4CARD 5 CARD 6CARD 7CARD 8CARD 9 CARD 10 CARD 11CARD 12CARD 13CARD 14CARD 15 CARD 16 CARD 17 CARD 18CARD 19CARD 20 CARD 21CARD 22CARD 23CARD 24CARD 25 Select a Flash Card

5. CARD 1 To increase Equipment... Debit Credit 4

6. CARD 6 To decrease Accounts Payable. Debit Credit 5

7. CARD 11 To increase Commissions Revenue. Debit Credit 6

8. CARD 16 To increase Common Stock… Credit Debit 7

9. CARD 21 To increase Dividends …. Debit Credit 8

10. CARD 2 To increase Notes Payable… Debit Credit 9

11. CARD 7 To decrease Retained Earnings… Debit Credit 10

12. CARD 12 To increase Prepaid Insurance Expense… Debit Credit 11

13. CARD 17 To increase Accumulated Depreciation Debit Credit 12

14. CARD 22 To decrease Accounts Receivable… Debit Credit 13

15. CARD 3 To decrease Unearned Consulting Revenue Debit Credit 14

16. CARD 8 To decrease Supplies Inventory… Debit Credit 15

17. CARD 13 To increase Utilities Expense… Debit Credit 16

18. CARD 18 To increase Patents… Debit Credit 17

19. CARD 23 To decrease Cash … Debit Credit 18

20. CARD 4 To increase Short Term Investments Debit Credit 19

21. CARD 9 To increase LAND… Debit Credit 20

22. CARD 14 To increase Retained Earnings … Debit Credit 21

23. CARD 19 To decrease Accumulated Depreciation Debit Credit 22

24. CARD 24 To increase Merchandise Inventory Debit Credit 23

25. CARD 5 To decrease Marketable Securities … Debit Credit 24

26. CARD 10 To decrease Prepaid Rent Expense Debit Credit 25

27. CARD 15 To increase Sales … Debit Credit 26

28. CARD 20 To decrease Wages Payable … Debit Credit 27

29. CARD 25 To decrease Delivery Vehicles... Debit Credit 28

30. Positive Feedback 29

31. NegFeed1 E A Expenses Assets The normal Balance for Assets and Expenses is a Debit CARD 1 FEEDBACK: 30

32. NegFeed6 R L S Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders Equity is a Credit CARD 6 FEEDBACK: 31

33. NegFeed11 R L S Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders Equity is a Credit CARD 11 FEEDBACK: 32

34. NegFeed16 R L S Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders Equity is a Credit CARD 16 FEEDBACK: 33

35. NegFed21 Remember Dividends is a Contra Equity Account The normal balance for Revenues, Liabilities and Stockholders Equity is a Credit CARD 21 FEEDBACK: 34

36. NegFeed2 R L S Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders Equity is a Credit CARD 2 FEEDBACK: 35

37. NegFed7 R L S Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders Equity is a Credit CARD 7 FEEDBACK: 36

38. NegFeed12 E A Expenses Assets The normal Balance for Assets and Expenses is a Debit CARD 12 FEEDBACK: 37

39. NegFeed17 E A Expenses Assets The normal Balance for Assets and Expenses is a Debit CARD 17 FEEDBACK: 38 Remember Accumulated Depreciation is a contra account.

40. NegFeed22 E A Expenses Assets The normal Balance for Assets and Expenses is a Debit CARD 22 FEEDBACK: 39

41. NegFeed3 R L S Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders Equity is a Credit CARD 3 FEEDBACK: 40

42. NegFeed8 E A Expenses Assets The normal Balance for Assets and Expenses is a Debit CARD 8 FEEDBACK: 41

43. NegFeed13 E A Expenses Assets The normal Balance for Assets and Expenses is a Debit CARD 13 FEEDBACK: 42

44. NegFeed18 E A Expenses Assets The normal Balance for Assets and Expenses is a Debit CARD 18 FEEDBACK: 43

45. NegFeed23 E A Expenses Assets The normal Balance for Assets and Expenses is a Debit CARD 23 FEEDBACK: 44

46. NegFeed4 CARD 4 FEEDBACK: 45 E A Expenses Assets The normal Balance for Assets and Expenses is a Debit

47. NegFeed9 E A Expenses Assets The normal Balance for Assets and Expenses is a Debit CARD 9 FEEDBACK: 46

48. NegFeed14 R L S Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders Equity is a Credit CARD 14 FEEDBACK: 47

49. NegFeed19 E A Expenses Assets The normal Balance for Assets and Expenses is a Debit CARD 19 FEEDBACK: 48 Remember Accumulated Depreciation is a contra account.

50. NegFeed24 E A Expenses Assets The normal Balance for Assets and Expenses is a Debit CARD 24 FEEDBACK: 49

51. NegFeed5 E A Expenses Assets The normal Balance for Assets and Expenses is a Debit CARD 5 FEEDBACK: 50

52. NegFeed10 E A Expenses Assets The normal Balance for Assets and Expenses is a Debit CARD 10 FEEDBACK: 51

53. NegFeed15 R L S Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders Equity is a Credit CARD 15 FEEDBACK: 52

54. NegFeed20 CARD 20 FEEDBACK: 53 R L S Revenues Liabilities Stockholder Equity The normal balance for Revenues, Liabilities and Stockholders Equity is a Credit

55. NegFeed25 E A Expenses Assets The normal Balance for Assets and Expenses is a Debit CARD 25 FEEDBACK: 54