5 Debit and Credit Practice Questions

[@AccountingStuff]

🐶 How many did you get right? ANSWERS ⬇️ 1. You debit “Cost of Sales” to increase it. It’s an Expense account represented by the first “E” in DEA | LER, so it’s a Normal Debit Account. 2. You credit “Accounts Receivable” to decrease it. It’s an Asset account represented by the “A” in DEA | LER, so it’s a Normal Debit Account. 3. You credit “Service Revenue” to increase it. It’s a Revenue account represented by the “R” in DEA | LER, so it’s a Normal Credit Account. 4. You debit “Retained Earnings” to decrease it. It’s an Equity account represented by the second “E” in DEA | LER, so it’s a Normal Credit Account. 5. You credit “Accrued Expenses” to increase it. It’s a Liability account represented by the “L” in DEA | LER, so it’s a Normal Credit Account. For more practice questions like this head to: accountingstuff.com

[@lordalfaa]

Accrued expenses appeared as an expense to me n I said debit. What's the difference btn an accrued expense and a normal expense aren't they all expenses. Plz explain the context. Edit: btw DEA | LER still rocks coz I nailed the first 4.

[@AccountingStuff]

@@lordalfaa You can see how they work in this video: kzbin.info/www/bejne/b5K9Z3Z5n5Kcm9U

[@lordalfaa]

@@AccountingStuff thanks

[@AccountingStuff]

@@lordalfaa You're welcome :)

[@Haleemar-ns9ns]

I got all the five questions ❤🎉😂

[@Nunyabusiness40]

More please this is fun

[@AccountingStuff]

I'm uploading another today :)

[@joyceky_]

DEALER beats everything else I've learned. Best weapon EVER.

[@AccountingStuff]

Great to hear you're finding it useful!

[@Summeiyah]

Got it 5/5 🎉

[@AccountingStuff]

Well done!

[@BryanMuzumi]

5/5❤

[@AccountingStuff]

Well done!!

[@thinkusaarabic]

I though that accrued expenses are expenses 😊

[@AccountingStuff]

They are Liabilities. You can learn how they work in this video: kzbin.info/www/bejne/b5K9Z3Z5n5Kcm9U

[@AkpatiCollins]

4 out of 5

[@AccountingStuff]

Well done!

[@JR-du5zq]

I got perfect 5. Thabk you.

[@AccountingStuff]

Woop woop!!

[@88pianissimo90]

Did not understand last question... Accrued expenses... Generally we debit the expense account to increase it ... right?

[@AccountingStuff]

Accrued Expenses is a Liability account. You can learn more about it in this video: kzbin.info/www/bejne/b5K9Z3Z5n5Kcm9U

[@user-mv3ng9rj2l]

​@@AccountingStuffit doesn't link, Sir. Please fix. Thank you for this. I also wondered the same thing.

[@AccountingStuff]

@@user-mv3ng9rj2l Are you sure? I just clicked the link and it worked. Alternatively you can search for "Accounting Stuff Accrued Expenses" and it'll come up

[@Arsalankhan-Ak47]

5

[@AccountingStuff]

Well done!

[@kruskadelgado4346]

Thank you so much for the explanation! 😀

[@AccountingStuff]

You're very welcome :)

[@chitrangipandya3657]

5/5🎉 need more such quiz pleasee

[@AccountingStuff]

I keep posting new ones every week :)

[@munyanezagodfrey513]

3

[@AccountingStuff]

Nice one!

[@Mahuoqy]

4 of 5

[@AccountingStuff]

Nice one!

[@noorykorky5056]

Oh, nooooo..... 4/5 I got Cost of Sales wrong at first because I only read "Sales" I should be absolutely ashamed of myself as an intermediate accounting student On a side not, that dog is super cute. Also, can you please do amortization of notes and bonds payable soon? As in, amortization of discount or premium And other intermediate accounting concepts 😊

[@AccountingStuff]

So close!!! Thanks for your requests :)

[@JusticeQuainoo-kw1ie]

5 out 5❤

[@AccountingStuff]

Well done!

[@kellyshahini6254]

is there an app where we can use it as a game for this ?

[@AccountingStuff]

Nope, would be cool though

[@norlailahashim4869]

i got all correct 🎉😂

[@AccountingStuff]

Well done!!

[@jmwild1]

Got a 5. Question: was it wrong to look to the pupper for hints?

[@AccountingStuff]

She came up with the questions for this one :)

[@isaiahthechristiangamer8716]

3 out of 5.

[@AccountingStuff]

Nice one!

[@adriannehipolito6672]

I don't understand how cost of sales should be debited?

[@AccountingStuff]

Cost of Sales is a type of Expenses which means it's a Normal Debit Account. So it needs to be debited to increase it :)

[@kennethjulien882]

5/5

[@AccountingStuff]

Well done!

[@wendyp-joseph9701]

4 of 5 😢

[@AccountingStuff]

Which one did you get wrong?

[@wendyp-joseph9701]

#5

[@AccountingStuff]

@@wendyp-joseph9701 Ahh... hope the answer makes sense 🤞

[@chelceedado1604]

3/5

[@AccountingStuff]

Still over 50%!

[@edwardpaulsen1074]

Considering that there is also a context of POS systems using a bank card which was NOT mentioned.... the lack of context reduces the value of the information and the testing. Context matters.

[@AccountingStuff]

Which question needed the extra context?

[@edwardpaulsen1074]

@@AccountingStuff It was not so much a "which question" thing... more of I responded as if I was using an ATM for the first question and by the second question I realized that these were specifically about ledgers and/or accounting... then I noticed the name and facepalmed for a second... My suggestion is more for those rapidly skimming through that might NOT realize their mistake or note the Name and think it was for something else... Maybe add "Accounting Debits and Credits" in the text? By the way, I managed to have all of them correct anyway, so I am a moderately happy camper that I at least understand it that well... Normally I'm an engineer and my number stuff can get REALLY weird... LOL

[@AccountingStuff]

@@edwardpaulsen1074 No worries, thanks for clarifying. Great to hear you were able to get them all right :)

[@edwinodhiambo2865]

I got 5/5

[@AccountingStuff]

Nice one!!

[@ShaizaFarrukh-ci1en]

4/5

[@AccountingStuff]

Well done!

[@user-qs3dv6ld6b]

4 right sir

[@AccountingStuff]

Good effort!

[@user-qs3dv6ld6b]

@@AccountingStuff thanks😊

[@AccountingStuff]

@@user-qs3dv6ld6b You're welcome :)

[@sarahbella458]

Ive been relying on quickbooks for far to long.

[@AccountingStuff]

Great to hear you're getting into the theory of how it all works :)

[@WajeehaPari]

1 got 4 retain earnings question was wrong.

[@AccountingStuff]

No worries, does the answer make sense?

[@user-jp6np9lz9r]

3😢

[@AccountingStuff]

Still over 50%!

[@64biter]

They were too easy 😅

[@AccountingStuff]

Thanks for your feedback

[@user-fb6vq3tn3s]

Accrued Expense got me ackkk

[@AccountingStuff]

Aw well, does the reasoning make sense? That's what matters

[@Pegmantz5445]

Got the last question wrong 😬

[@AccountingStuff]

No worries, does the explanation make sense to you?

[@OhiChicken]

Literally got them all wrong xD

[@AccountingStuff]

Practice makes perfect!

[@thinkusaarabic]

3/5 😂😂

[@AccountingStuff]

Over 50%! Well done :)

[@jimjames4875]

I got the first one wrong

[@AccountingStuff]

Ah well... it happens

[@Mwangib]

Why the dog though

[@AccountingStuff]

Why not?

[@agumaedson1728]

I got 4 and i failed no'5

[@agumaedson1728]

Are accrued expenses not debt account

[@AccountingStuff]

So close!

[@AccountingStuff]

@@agumaedson1728 Accrued Expenses is a Normal Credit Account because it's a Liability

[@nu_xx5544]

I'm so proud I got all correct 🥹😭🎉 5 out of 5

[@AccountingStuff]

Well done!!

[@SamukelisiweNdoloza]

4 of 5

[@AccountingStuff]

Nice one!!

[@nermingirgis6048]

4

[@AccountingStuff]

Well done!

[@angelolewis2503]

3/5

[@AccountingStuff]

Over 50%! Not bad :)

[@annmete866]

4

[@AccountingStuff]

Well done!