Debit/Credit QUIZ

Receiving cash is a (Cash)

• Debit

• Credit

Paying cash is a (Cash)

• Debit

• Credit

A business sells something to a customer but they will pay later (accounts receivable)

• Debit

• Credit

A customer pays on their account (accounts receivable)

• Debit

• Credit

A Business prepays for 6 months of insurance (prepaid insurance)

• Debit

• Credit

Gaining supplies for a business is a (Supplies)

• Debit

• Credit

A business buys something on account (accounts payable)

• Debit

• Credit

A business pays off their account (accounts payable)

• Debit

• Credit

The owner of a business invests their own money into the business (Owner's Capital)

• Debit

• Credit

The owner takes money out of the business (Drawing)

• Debit

• Credit