5 Questions on T-Accounts

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Can you answer these five questions on T-Accounts under time pressure?

1. Which side of a T-Account is used to record an increase in Revenue?
2. Which side of a T-Account is used to record a decrease in Operating Expenses?
3. Which side of a T-Account is used to record a decrease in Accounts Receivable?
4. Which side of a T-Account is used to record a decrease in Owner's Equity?
5. Which side of a T-Account is used to record an increase in Dividends?

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Yeah if dividend is construed as dividend payable. It can also be taken as dividend receivable and the answer would change accordingly.

navaladiram

Did you manage to get 5/5?

ANSWERS ⬇️

1. RIGHT - Revenue is a Normal Credit Account. An increase in Revenue is represented by a Credit to the right side of the T-Account.
2. RIGHT - Operating Expenses is a Normal Debit Account. A decrease in Operating Expenses is represented by a Credit to the right side of the T-Account.
3. RIGHT - Accounts Receivable is a Normal Debit Account. A decrease in Accounts Receivable is represented by a Credit to the right side of the T-Account.
4. LEFT - Owner's Equity is a Normal Credit Account. A decrease in Owner's Equity is represented by a Debit to the left side of the T-Account.
5. LEFT - Dividends is a Normal Debit Account. An increase in Dividends is represented by a Debit to the left side of the T-Account.

Head to accountingstuff.com for more practice questions like this.

AccountingStuff

this is awesome. I am learning a lot, since I am trying to study to become a bookkeeper.

konglee

I love these questions. Keep em coming.

kingkey

I'm a Freshman in college majoring in Accounting and I got all of them right.

FordMustangYT

Do you have a video on what are dividends ?

shrutidash

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