Using Debits and Credits
To Record Transactions
Using the Major Type of Accounts
Skills Test

Let's see if you've got your ducks in a row regarding Debits and Credits,the Major Types of Accounts, and Transactions.

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Simple Debit/Credit Rule
All Accounts have a Normal Balance which is either a Debit Balance or a Credit Balance. Assets, Expenses, and Draws all have Normal Debit Balances. Liabilities, Owner's Equity (Capital), and Revenue all have Normal Credit Balances. Enter an amount in the Normal Balance Side of an Account to Increase the Balance of an Account and in the opposite side to Decrease the Balance of an Account.

Instructions:
Select the appropriate Major Type of Account to Debit and Credit to record the transaction for the following transactions:

Transaction .

.

Select the Major Type of Account to Debit from the list above
Explanation

Select the Major Type of Account to Credit from the list above
Explanation

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