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Account Balances

Please complete these practice problems

To increase the balance in the following accounts, would you debit the account or would you credit the account?

a. Accounts Payable Debit Credit
b. Cash Debit Credit
c. Land Debit Credit
d. Notes Payable Debit Credit
e. Accounts Receivable Debit Credit
f. Mary Smith, Capital Debit Credit
g. Supplies Debit Credit
h. Supplies Expense Debit Credit
i. Prepaid Insurance Debit Credit
j. Service Revenue Debit Credit
k. Mary Smith, Drawing Debit Credit
l. Equipment Debit Credit
m. Unearned Revenue Debit Credit

To decrease the balance in the following accounts, would you debit the account or would you credit the account?

a. Accounts Payable Debit Credit
b. Cash Debit Credit
c. Land Debit Credit
d. Notes Payable Debit Credit
e. Accounts Receivable Debit Credit
f. Mary Smith, Capital Debit Credit
g. Supplies Debit Credit
h. Supplies Expense Debit Credit
i. Prepaid Insurance Debit Credit
j. Service Revenue Debit Credit
k. Mary Smith, Drawing Debit Credit
l. Equipment Debit Credit
m. Unearned Revenue Debit Credit

Solution Preview

See the attached file for clarity.

The debit or credit for increase or decrease works in the following ways
Assets, Drawing (Contra Equity) and Expenses increase with debit and decrease with credit
Liabilities, Equity and Revenue increase with credit and decrease with debit

Using this we can make the table
To increase the balance in the following accounts, would you debit ...

Solution Summary

The solution explains whether to debit or credit to increase the account balance.

$2.19