Double Entry

What is the double entry for 'taking goods from shop as stationery to be used by employees'?

• Dr: Drawings

  Cr: Purchases

• Dr: Drawings

  Cr: Stationery

• Dr: Purchases

  Cr: Stationery

• Dr: Stationery

  Cr: Purchases

Panda Trading paid cash for business's insurance. What are the effects on accounting elements?

• Increase in Assets, Increase in Liabilities

• Decreases in Assets, Decreases in Liabilities

• Increases in Assets, Increases in Owner's Equity

• Decrease in Assets, Decrease in Owner's Equity

A company bought goods of RM1,800 on credit from Lim Company. Double entry for this transaction should be ?

• Dr: -

  Cr: -

• Dr: Inventory

  Cr: Lim Company

• Dr: Lim Company

  Cr: Purchases

• Dr: Purchases

  Cr: Lim Company

If owner uses his private resources to pay for business's liabilities, what would be the effects on accounting elements?

• Increase in both liabilities and owner's equity

• Decrease in assets and increase in owner's equity

• Decrease in liabilities and increase in owner's equity

• Decrease in liabilities and decrease in owner's equity

If a supplier provides free delivery service to customers, the cost of service is recorded in which account of the supplier's books?

• Delivery Van Account

• Sales Account

• Purchases Account

• Carriages Outwards Account

Which of the following is the first step in the accounting cycle?

• Journal entries

• Posting to ledger

• Trial Balance

• Source Documents

The double entry for the purchase of stationery on credit from Tai Company for resale purpose is ?

• Dr: Stationery

  Cr: Tai Company

• Dr: Purchases

  Cr: Tai Company

• Dr: Tai Company

  Cr: Sales

• Dr: Stationery

  Cr: Sales

Which of the following transactions will cause a decrease in asset together with a decrease in liability?

• Business bought furniture on credit for RM900

• Business received cash RM900 from Trade Receivables

• Business borrowed RM900 to pay its Trade Payables

• Business paid a creditor by cheque RM900

A loan repayable within a year is a?

• Current assets

• current liability

• non-current assets

• non-current liability

Which of the following is a debit balance?

• Trade Payable

• Loan to employee

• Bank overdraft

• Commission Income