Bookkeeping Transactions Recap Lesson 4 & Lesson 6

You own a dealership. A customer purchases a car from you on credit. How will this be posted?

• DR Sales DR VAT CR SLCA

• CR Sales DR SLCA CR VAT

• CR SLCA CR VAT DR Sales

• CR Sales DR SLCA DR VAT

A customer made a payment through the bank of £1,000 for a car purchased on credit. How is this posted?

• DR Sales CR SLCA

• CR SLCA DR Bank DR VAT

• CR SLCA DR Bank

• DR SLCA CR Sales

A customer purchased a lamp from you on credit. It was damaged so they returned it. How is this posted?

• DR Sales returns DR VAT CR SLCA

• DR Sales DR VAT CR Bank

• CR Sales returns CR VAT DR SLCA

• CR Sales CR VAT DR Bank

For credit customers you offer a PPD for paying within 15 days. A customer makes payment within 10 days. How is the discount posted?

• CR Discounts allowed CR VAT DR Sales

• DR Discounts allowed DR VAT CR Sales

• DR Discounts allowed DR VAT CR SLCA

• CR Discounts allowed DR VAT DR SLCA

You have made a purchase on credit. How will this be posted?

• DR Purchases CR VAT CR PLCA

• CR Purchases CR VAT DR PLCA

• CR Purchases CR VAT DR Bank

• CR PLCA DR VAT DR Purchases

You have made a payment of £500 through the bank against a purchase on credit. How is this posted?

• DR Purchases CR PLCA

• DR PLCA CR Bank

• CR PLCA DR Bank

• DR PLCA CR Purchases

You purchased a jacket on credit. It was damaged you returned it. How is this posted?

• DR Purchases DR VAT CR PLCA

• DR Purchases DR VAT CR Bank

• CR Purchases returns CR VAT DR PLCA

• CR Purchases returns CR VAT DR Bank

You make a purchase on credit. A PPD is offered to you if you pay within 14 days. You make payment within 5 days. How is the discount posted?

• CR Discounts received CR VAT DR PLCA

• DR Discounts received DR VAT CR Purchases

• DR Discounts received DR VAT CR PLCA

• CR Discounts received CR VAT DR Purchases