Doube Entry System - ACL

We bought a motor van on credit from P. Myers. Which account is debited and which is credited?

• Debit P. Myers

  Credit Motor Van

• Debit Motor Van

  Credit P. Myers

• Debit Motor Van

  Credit Acounts Payable

• Debit Inventory

  Credit Motor Van

T. Owens started a bicycle business and placed $1,000 cash into the business.

Name the accounts and state which is debited and credited.

• Debit Bicycle

  Credit Business

• Debit Cash

  Credit Bicycle

• Debit Capital

  Credit Cash

• Debit Cash

  Credit Capital

Does a liability account increase on the debit or the credit side?

• Debit

• Credit

We took out $300 from the cash till and put it into our bank account.

Which accounts are debited and credited?

• Debit Cash till

  Debit Bank Account

• Debit Bank

  Credit cash

• Debit Cash

  Credit Bank

• Debit Cheque

  Credit Cash till

We bought $2,000 worth of furniture from S. Henry Furnix paying by cheque. Which accounts are debited and credited.

• Debit Furniture

  Credit Bank

• Debit Furniture

  Credit S. Henry Furnix

• Debit Bank

  Credit S. Henry Furnix

• Debit Bank

  Credit S. Henry Furnix

Returned $500 worth of Furniture bought by cash from S. Henry Furnix. He repaid us by cash.

• Debit Furniture

  Credit S. Henry Furnix

• Debit Cash

  Credit S. Henry Furnix

• Debit Cash

  Credit Furniture

• Debit Furniture

  Credit Cash

Which the decrease side of the capital account.

• Debit Side

• Credit Side

True or false?

All accounts have a debit and a credit side.

• True

• False

True or False?

The right side of any account is the debit side.

• True

• False

How well do you understand the Double Entry System of Assets, Liabilities and Capital.

• I Know it very well because I practice all exercises given

• i know it well because I practice most exercises given

• I know more or less what I am doing because I only practice in class

• I don't know anything because I do not practice any activity given.