select the term that best fits each definition.\n1. the left side of a t account is the (a) debit side. (b)…

select the term that best fits each definition.\n1. the left side of a t account is the (a) debit side. (b) credit side. (c) normal balance side. (d) equity side.\n2. if an amount is recorded on the side of a t account opposite the normal balance side, the account balance is (a) increased. (b) decreased. (c) unaffected. (d) correct.\n3. the normal balance side of a liability account is the (a) debit side. (b) credit side. (c) decrease side. (d) left side.\n4. when an owner invests cash in a business, the owner’s capital account is (a) increased by a debit. (b) increased by a credit. (c) decreased by a debit. (d) decreased by a credit.\n5. when a business pays cash on account, a liability account is (a) increased by a debit. (b) increased by a credit. (c) decreased by a debit. (d) decreased by a credit.\n6. when cash is received from sales, the change in the owner’s equity is usually recorded (a) on the debit side. (b) directly in the owner’s capital account. (c) as interest revenue. (d) in a separate revenue account.\n7. increases in a revenue account are shown on a t account’s (a) debit side. (b) left side. (c) credit side. (d) none of these.\n8. when $1,500 cash is received on account, (a) sales is increased with a credit and cash is increased with a credit. (b) accounts receivable is increased with a debit and cash is increased with a credit. (c) accounts receivable is decreased with a credit and cash is increased with a debit. (d) accounts receivable is decreased with a debit and cash is increased with a debit.\n9. the normal balance side of any revenue account is the (a) debit side. (b) credit side. (c) left side. (d) none of these.

select the term that best fits each definition.\n1. the left side of a t account is the (a) debit side. (b) credit side. (c) normal balance side. (d) equity side.\n2. if an amount is recorded on the side of a t account opposite the normal balance side, the account balance is (a) increased. (b) decreased. (c) unaffected. (d) correct.\n3. the normal balance side of a liability account is the (a) debit side. (b) credit side. (c) decrease side. (d) left side.\n4. when an owner invests cash in a business, the owner’s capital account is (a) increased by a debit. (b) increased by a credit. (c) decreased by a debit. (d) decreased by a credit.\n5. when a business pays cash on account, a liability account is (a) increased by a debit. (b) increased by a credit. (c) decreased by a debit. (d) decreased by a credit.\n6. when cash is received from sales, the change in the owner’s equity is usually recorded (a) on the debit side. (b) directly in the owner’s capital account. (c) as interest revenue. (d) in a separate revenue account.\n7. increases in a revenue account are shown on a t account’s (a) debit side. (b) left side. (c) credit side. (d) none of these.\n8. when $1,500 cash is received on account, (a) sales is increased with a credit and cash is increased with a credit. (b) accounts receivable is increased with a debit and cash is increased with a credit. (c) accounts receivable is decreased with a credit and cash is increased with a debit. (d) accounts receivable is decreased with a debit and cash is increased with a debit.\n9. the normal balance side of any revenue account is the (a) debit side. (b) credit side. (c) left side. (d) none of these.

Answer

Brief Explanations:

  1. In accounting, the left - hand side of a T - account is the debit side.
  2. Recording an amount on the side opposite the normal balance side of a T - account decreases the account balance.
  3. Liability accounts have a normal credit balance.
  4. When an owner invests cash in a business, the owner's capital account is increased by a credit.
  5. When a business pays cash on account, a liability account is decreased by a debit.
  6. When cash is received from sales, the change in owner's equity is usually recorded in a separate revenue account.
  7. Increases in a revenue account are shown on the credit side of a T - account.
  8. When cash is received on account, Accounts Receivable is decreased with a credit and Cash is increased with a debit.
  9. The normal balance side of any revenue account is the credit side.

Answer:

  1. A. debit side
  2. B. decreased
  3. B. credit side
  4. B. increased by a credit
  5. C. decreased by a debit
  6. D. in a separate revenue account
  7. C. credit side
  8. C. Accounts Receivable is decreased with a credit and Cash is increased with a debit
  9. B. credit side