Debit or Credit? Practice Quiz
The single hardest reflex in accounting: which account gets debited, which gets credited. Read each transaction and choose — then see the worked entry and why.
On April 1, Riverside Company receives an invoice from a supplier for $5,000 worth of office supplies. The payment terms are 2/10, n/30 (2% discount if paid within 10 days, otherwise net due in 30 days). Riverside pays the invoice on April 8, taking the early payment discount.
A fixed practice drill — for an explanation of your own homework problem, snap it in the app.
The rule of thumb
DEALER: Dividends, Expenses, and Assets increase with a debit; Liabilities, Equity, and Revenue increase with a credit. Every entry's debits must equal its credits. See the debits & credits cheat sheet and worked journal entries.