N5 Accounting Ledger Entries

Which accounts should be updated when a (copy) credit note is in a question?

• Dr Sales Revenue Returns Cr VAT Cr Trade Receviables

• Dr Sales Revenue Returns Dr VAT Cr Trade Receivables

• Cr Purchase Returns Cr VAT Dr Trade Payables

• Cr Purchase Returns Dr VAT Dr Trade Payables

Which accounts should be updated when a credit note is in a question?

• Dr Sales Revenue Returns Cr VAT Cr Trade Receviables

• Dr Sales Revenue Returns Dr VAT Cr Trade Receivables

• Cr Purchase Returns Cr VAT Dr Trade Payables

• Cr Purchase Returns Dr VAT Dr Trade Payables

Which accounts should be updated when an invoice is in a question?

• Dr Sales Revenue Dr VAT Cr Trade Receivables

• Cr Sales Revenue Cr VAT Dr Trade Receivables

• Dr Purchases Dr VAT Cr Trade Payables

• Cr Purchases Cr VAT Dr Trade Payables

Which accounts should be updated when a (copy) invoice is in a question?

• Dr Sales Revenue Dr VAT Cr Trade Receivables

• Cr Sales Revenue Cr VAT Dr Trade Receivables

• Dr Purchases Dr VAT Cr Trade Payables

• Cr Purchases Cr VAT Dr Trade Payables

What will the Glen Spring Accountant enter into the ledger for the above document?

• Dr Sales Revenue Returns, Dr VAT, Cr Trade Receivables (Claire's Coffee Shop)

• Dr Sales Revenue Returns, Cr VAT, Cr Trade Receivables (Claire's Coffee Shop)

• Dr Purchase Returns, Dr VAT, Cr Trade Payables (Claire's Coffee Shop)

• Dr Purchase Returns, Cr VAT, Cr Trade Payables (Claire's Coffee Shop)

What amount should be entered into Sales Revenue Returns Account in the ledger of Glen Spring?

• £45.00

• £40.50

• £48.60

• £8.10

A bad debt account is created when a customer or supplier goes into bankruptcy?

• Customer

• Supplier

What double entry should happen once the amount of a bad debt is identified?

• Dr Bad Debts and Cr Trade Receivable

• Dr Bad Debts and Cr Trade Payable

• Cr Bad Debts and Dr Trade Receivable

• Cr Bad Debts and Dr Trade Payable

You see a cheque counterfoil for £480 with a description of 'electricity (including VAT). What are the correct entries in the ledger?

• Dr Electricity £480 Cr VAT £80 Cr Bank £400

• Dr Bank £400 Dr VAT £80 Cr Electricity £480

• Dr Bank £480 Cr Electricity £400 Cr VAT £80

• Dr Electricity £480 Cr Bank £480

• Dr Electricity £400 Dr VAT £80 Cr Bank £480

You see a cheque counterfoil for £600 with a description of 'stationary (including VAT). What are the correct entries in the ledger?

• Dr Stationary £720 Cr VAT £120 Cr Bank £600

• Dr Bank £600 Cr VAT £100 Cr Stationary £500

• Dr Stationary £600 Cr VAT 100 Cr Bank £500

• Dr Stationary £600 Cr Bank £600

• Dr Stationary £500 Dr VAT £100 Cr Bank £600