Assets are debited or credited when increasing?
Debited
Assets are debited or credited when decreasing?
Credited
Expenses have a normal debit or credit balance?
Debit
Revenues have a normal debit or credit balance?
Credit
A payable or money owing is classed as an expense or a liability?
liability
Capital is Debited or Credited?
Credited
What are 3 examples of an asset?
cash, inventory, debtors, cars, buildings
Give three examples of an expense
rent, motor, insurance, wages, depreciation
When increasing a liability we credit or debit?
credit
when decreasing a liability we debit or credit?
debit
Bought a motor van for $1,000 cash what are the two transactions?
Motor Van and Cash
Rishi started his business with $20,000 in the bank what are the two transactions?
Capital and Bank
We paid our telephone bill paying $300 in cash what are the two transactions?
telephone expense and cash
Randall received $1,000 rent in cash from a building what are the two transactions?
rent received and cash
We returned some light bulbs because some were not lighting properly to Boodoo's Electrical LTD. What are the accounts?
Return Outwards, Boodoos Ltd
A customer returned some chairs that was sold by Chairs R Us ltd, what are the accounts?
Return Inwards and Chairs R Us ltd
