DEALER Practice Quiz 2

Can you tell me the Normal Balance of these 6 accounts?

1. Is "Interest Expenses" a Normal Debit Account or a Normal Credit Account?
2. Is "Cash" a Normal Debit Account or a Normal Credit Account?
3. Is "Service Revenue" a Normal Debit Account or a Normal Credit Account?
4. Is "Notes Payable" a Normal Debit Account or a Normal Credit Account?
5. Is "Drawings" a Normal Debit Account or a Normal Credit Account?
6. Is "Owner's Capital" a Normal Debit Account or a Normal Credit Account?

Follow me for more Accounting Quizzes.

🔎FAQ

🎬LEARN ACCOUNTING BASICS FOR FREE

🔝 CLOUD ACCOUNTING SOFTWARE

🚶FOLLOW ME ON
________________________
DISCLAIMER

Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you!
________________________

#Shorts #accountingstuff

[AccountingStuff]

Did you manage to get 6 out of 6?

⬇️ ANSWERS ⬇️

1. NORMAL DEBIT ACCOUNT - "Interest Expenses" are a type of Expense. Expenses are represented by the first “E” in “DEALER”, so "Interest Expenses" is a Normal Debit Account.
2. NORMAL DEBIT ACCOUNT - “Cash” is a type of Asset. Assets are represented by the “A” in “DEALER”, so “Cash” is a Normal Debit Account.
3. NORMAL CREDIT ACCOUNT - “Service Revenue” is a type of Revenue. Revenue is represented by the “R” in “DEALER”, so “Service Revenue” is a Normal Credit Account.
4. NORMAL CREDIT ACCOUNT - "Notes Payable” is a type of Liability. Liabilities are represented by the “L” in “DEALER”, so "Notes Payable” is a Normal Credit Account.
5. NORMAL DEBIT ACCOUNT - "Drawings" is represented by the “D” in “DEALER” so it’s a Normal Debit Account.
6. NORMAL CREDIT ACCOUNT - “Owner's Capital” is a type of Equity. Equity is represented by the second “E” in “DEALER”, so “Owner's Capital” is a Normal Credit Account.

For more practice questions like this head to: accountingstuff.com

[OatmealTheCrazy]

I have literally no clue what this is about and got a 6/6

[dawoodhassan]

I remember when i used to cry over book of primary entries and now i have done marginal and absorption costing

[SV-AMG]

Dude no joke I have been using the DEALER method even since you put that video out and I thank you so much for it.

[noorykorky]

I got 5/6 this time. I was wondering: are drawings a contra equity account like dividends? And what's the difference between drawings and dividends?

[noahjames]

Keep cranking this type of content out!

[chitrangipandya]

6/6 🎉 keep sharing more such quiz please

[platoscavereactor]

An interest expense account is a liability account which I understand is normally credited but your answer said debted?

[guidoguido]

I didn’t even know that the answer was one of those on screen 😂

[dhruvpttl]

let me give an idea which my teacher gave me the real of CLEAR in that all vowels EA that is expenses and assets are debit and CLR that is capital liability and revenue is all credit.

It will be helpful thanks

[opendoors]

5/6..I thought interest expenses is a liability because it's likely being paid on a loan and loans are liabilities

[Muhammadnoorislamhusain]

Thank you so much Mr.James
I got 6/6 😊

[Rose-oltu]

Interest expenses mean we're paying for an interest right