DOUBLE ENTRIES

What is the correct double entry for credit sales?

• DR Trade Receivable CR Sales

• DR Trade Payable CR Sales

• DR Cash CR Sales

• DR Sales CR Trade Receivable

What is the correct double entry for credit purchase?

• DR Trade Receivable CR Purchase

• DR Purchase CR Trade Receivable

• DR Bank CR Purchase

• DR Purchase CR Trade Payable

What is the correct double entry for sales return?

• DR Sales Return CR Trade Payable

• DR Sales Return CR Bank

• DR Sales Return CR Trade Receivable

• DR Sales Return CR Cash

What is the correct double entry for purchase return?

• DR Trade Receivable CR Purchase Return

• DR Cash CR Purchase Return

• DR Trade Payable CR Purchase Return

• DR Bank CR Purchase Return

What is another term for sales return in accounts?

What is another term for purchase return in accounts?

What is the correct double entry for purchase of vehicles for business use on credit ?

• DR Vehicles CR Trade Payable

• DR Purchase CR Trade Payable

• DR Vehicles CR Sundry Payable

• DR Purchase CR Sundry Payable

What is the correct double entry for owner took cash from business for his children?

• DR Children CR Cash

• DR Owner CR Cash

• DR Drawings CR Cash

• DR Cash CR Capital

What is the correct double entry for goods returned by credit customers?

• DR Sales Returns CR Customer

• DR Sales Return CR Trade Payable

• DR Sales Return CR Supplier

• DR Sales Returns CR Trade Receivable

What is the correct double entry for received cash for interest?

• DR Bank CR Interest Income

• DR Cash CR Interest

• DR Interest Income CR Cash

• DR Cash CR Interest Income