Double Entry Quiz

Every transaction must have at least ONE Debit and ONE Credit entry.

• TRUE

• FALSE

An asset account is increased with a _________.

• debit

• credit

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

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

• Debit Cash and Credit Sales

• Debit Mark and Credit Sales

• Debit Sales and Credit Mark

• Debit Cash and Credit Sales

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

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

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

Started a business with $25000 cash

• Debit Cash /Credit Capital

• Credit Capital/Debit Cash

Bought office furniture by cheque $1500

• Credit Bank / Debit Office Furniture

• Debit Office Furniture/Credit Bank

Bought motor van paying by cheque $6000

• Debit Motor Van/Credit Bank

• Debit Bank/ Credit Motor Van