23.09.20 Introduction to Bookkeeping

If I pay rent from the bank account, what is the double entry?

• Dr Bank Cr Rent

• Dr Rent Cr Bank

• Dr Electric Cr Bank

• Dr Rent Cr Cash

If I pay £500 of sales income into the bank, what is the double entry?

• Dr Sales Cr Bank

• Dr Cash Cr Sales

• Dr Bank Cr Sales

• Dr Bank Cr Rent Received

Is Capital a debit or a credit entry?

• Debit

• Credit

What type of entry is a loan?

• Credit

• Debit

What is the accounting equation?

• Assets + liabilities = capital

• Assets x liabilities = capital

• Assets - liabilities = capital

We offer a 20% trade discount. If the price before discount is £200, how much is the discount?

• £20

• £40

• £30

• £33.33

The total after VAT is £360. What is the VAT amount?

• £72

• £36

• £60