Debit and Credit Review

Asset are

• Debt

• Anything of value

• Owner's value in the business

• None of these

Liabilities are

• Debt

• Anything of value

• Owner's value in the business

• None of these

Accounts Payable

• Asset
• Liability
• Neither

Accounts Receivable is?

• Asset

• Liability

• Owner's Equity

Supplies are?

• Asset

• Liability

• Owner's Equity

Will Smith, Capital is

• Asset

• Liability

• Owner's Equity

Will Smith, Drawing is

• Asset

• Liability

• Owner's Equity

Sales are

• Asset

• Liability

• Owner's Equity

Expenses are

• Asset

• Liability

• Owner's Equity

All liabilities must have what in their account name?

• Debt

• Accounts Receivable

• Accounts Payable

• Nothing - Account names can all be different.