You've learned about the five main account types and their debit/credit rules. Now, let's get some hands-on practice to make these concepts stick.

Remember, every account fits into one of these categories: Assets, Liabilities, Equity, Revenue, or Expenses.

Engagement Message

Ready to start sorting and classifying?

Type

Sort Into Boxes

Practice Question

Let's start with the core of the accounting equation. Sort these accounts into Assets and Liabilities.

Labels

• First Box Label: Assets
• Second Box Label: Liabilities

First Box Items

• Office Supplies
• Accounts Receivable
• Company Vehicle

Second Box Items

• Accounts Payable
• Credit Card Debt
• Unearned Revenue

Type

Sort Into Boxes

Practice Question

Now let's classify the accounts that determine a company's profit. Sort these into Revenue and Expenses.

Labels

• First Box Label: Revenue
• Second Box Label: Expenses

First Box Items

• Service Fees
• Sales
• Interest Income

Second Box Items

• Rent Cost
• Salaries Paid
• Utility Bills

Type

Swipe Left or Right

Practice Question

For each account type, swipe to identify its normal balance—the side that increases the account.

Labels

• Left Label: Increases with Debit
• Right Label: Increases with Credit

Left Label Items

• Assets
• Expenses
• Owner's Drawings

Right Label Items

• Liabilities
• Revenue
• Owner's Capital

Type

Fill In The Blanks

Markdown With Blanks

The fundamental accounting equation is the bedrock of bookkeeping. Fill in the blanks to complete it.

Assets = [[blank:Liabilities]] + [[blank:Equity]]

Suggested Answers

• Liabilities
• Equity
• Revenue
• Expenses

Type

Multiple Choice

Practice Question

A customer pays you in advance for services you will provide next month. What type of account is this "Unearned Revenue"?

A. Asset B. Liability C. Revenue D. Expense

Suggested Answers

• A
• B - Correct
• C
• D