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Double Entry
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Expenses have a normal debit or credit balance?
Debit
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Okay!
We returned some light bulbs because some were not lighting properly to Boodoo's Electrical LTD. What are the accounts?
Return Outwards, Boodoos Ltd
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Okay!
A payable or money owing is classed as an expense or a liability?
liability
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The owner took out 300 in cash for personal use. What is the double entry?
Dr drawings, Cr cash
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A customer returned some chairs that was sold by Chairs R Us ltd, what are the accounts?
Return Inwards and Chairs R Us ltd
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Okay!
What are 3 examples of an asset?
cash, inventory, debtors, cars, buildings
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Bought machinery paying by cheque and some in cash. What is the double entry?
Dr Machinery, Cr Cash and Bank accounts seperately
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Okay!
Oops!
Okay!
Revenues have a normal debit or credit balance?
Credit
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Okay!
When increasing a liability we credit or debit?
credit
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Okay!
Assets are found on which side of the trial balance?
Debit side
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Okay!
Rishi started his business with $20,000 in the bank what are the two transactions?
Capital and Bank
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Capital is Debited or Credited?
Credited
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Carriage inwards and outwards is recorded on which side of the trial balance?
Debit Side
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Okay!
Bought a motor van for $1,000 cash what are the two transactions?
Motor Van and Cash
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Okay!
What statement test accuracy of your double entry records?
Trial Balance
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Randall received $1,000 rent in cash from a building what are the two transactions?
rent received and cash
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Okay!
when decreasing a liability we debit or credit?
debit
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Okay!
Assets are debited or credited when increasing?
Debited
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Okay!
Errors can still be found in a trial balanced even though the debit and credit sides have balance off. Is this True or False
True
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We paid our telephone bill paying $300 in cash what are the two transactions?
telephone expense and cash
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Okay!
Give three examples of an expense
rent, motor, insurance, wages, depreciation
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Okay!
Assets are debited or credited when decreasing?
Credited
Oops!
Okay!
Where is discount allowed and discount received recorded in the trial balance?
Discount allowed - Debit side and discount received -credit side
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Okay!
What are the headings for a Trial Balance?
Owner/Company details, Account Details, Debit and Credit Columns
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Okay!
Drawings are found on which side of the trial balance?
Debit Side
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Okay!
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