Double Entry

Front

The business owner, Jack invested $9000 into the business bank account. What is the double entry to record this transaction?

Back

Debit Bank and Credit Capital

Front

Sold equipment by cash $700. What is the double entry to record this transaction? Options: Debit Cash and Credit Sales, Debit Cash and Credit Equipment, Debit Equipment and Credit Cash, Debit Sales and Credit Equipment

Back

Debit Cash and Credit Equipment

Front

Bought a computer by cash $2500. What is the double entry to record this transaction?

Back

Debit Computer and Credit Cash

Front

Sold goods on credit to Mark. What is the double entry to record this transaction?

Back

Debit Mark and Credit Sales

Front

Bought goods worth $4000 on credit from Ben. What is the double entry to record this transaction?

Back

Debit Purchases and Credit Ben

Front

Jack withdrew goods worth $500 from the business for his personal use. What is the double entry to record this transaction? Options: Debit Goods and Credit Jack, Debit Jack and Credit Drawings, Debit Drawings and Credt Purchases, Debit Purchases and Credit Drawings

Back

Debit Drawings and Credt Purchases

Front

Bought computers worth $3000 on credit from Computers Ltd. What is the double entry to record this transaction?

Back

Debit Computers and Credit Computers Ltd

Front

Sold old computers worth $1500 by cheque. What is the double entry to record this transaction?

Back

Debit Bank and Credit Computers

Front

Mark returned goods worth $40 to the business. What is the double entry to record this transaction?

Back

Debit Sales Returns and Credit Mark

Front

Returned goods worth $200 to Ben. What is the double entry to record this transaction?

Back

Debit Ben and Credit Purchases Return