Double Entry

A place where financial information is recorded is called a / an

• account 
• transaction
• sales 
• purchases

The debit side is on which side of the account? 

• Left
• Right

The credit side of an account is on the 

• left side
• right side

Which account would always be a credited?

• Return outwards

• Carriage inwards

• Bank

• Cash

We use the debit side of the account to show increases in?

• Assets

• liabilities

• gains

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

• Debit Bank and Credit Capital

• Debit Capital and Credit Bank

• Debit Capital and Credit Jack

• Debit Jack and Credit Bank

Sold equipment by cash $700. What is the double entry to record this transaction?

• Debit Cash and Credit Sales

• Debit Cash and Credit Equipment

• Debit Equipment and Credit Cash

• Debit Sales and Credit Equipment

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

• Debit Computer and Credit Cash

• Debit Cash and Credit Computer

• Debit Cash and Credit Purchases

• Debit Purchases and Credit Cash

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

• Debit Purchases and Credit Cash

• Debit Cash and Credit Purchases

• Debit Ben and Credit Purchases

• Debit Purchases and Credit Ben

Jack withdrew goods worth $500 from the business for his personal use. What is the double entry to record this transaction?

• Debit Goods and Credit Jack

• Debit Jack and Credit Drawings

• Debit Drawings and Credt Purchases

• Debit Purchases and Credit Drawings