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WorksheetsDouble entry accounting revision
Total questions: 10
Worksheet time: 6mins
According to the Debit - Credit rules, any increases to the Cash at Bank account will be recorded on the _________ side of the ledger account.
left
right
middle
The trial balance is prepared before the ledger accounts are completed.
False
True
The transaction: Borrowed $20 000 from Sunbank will be recorded in the General Journal as:
Cash at bank (Dr) $20 000; Loan repayment (Cr) $20 000
Cash at bank (Cr) $20 000; Loan (Dr) $20 000
Cash at bank (Dr) $20 000; Loan (Cr) $20 000
Cash at bank (Dr) $20 000; Capital (Cr) $20 000
The general journal entries:
Cash at bank Cr $10 000
Accounts payable Dr $10 000 represent the following transaction:
Credit purchase of $10 000
Cash payment of $10 000 to accounts payable
Cash receipt of $10 000 from accounts payable.
Cash purchase of $10 000
Expenses decrease on the _______ side of the ledger accounts.
left (credit)
left (debit)
right (debit)
right (credit)
The transaction: Credit sale of $1 500 plus GST, cost price $500 will be recorded on the General Journal as:
Accounts Receivable (Dr) $1 650; GST Clearing (Cr) $150; Sales revenue (Cr) $1 500; Cost of sales (Dr) $500; Inventory (Cr) $500
Cash at bank (Dr) $1 650; GST Clearing (Cr) $150; Sales revenue (Cr) $1 500; Cost of sales (Dr) $500; Inventory (Cr) $500
Accounts Payable (Cr) $1 650; GST Clearing (Dr) $150; Sales revenue (Cr) $1 500; Cost of sales (Dr) $500; Inventory (Cr) $500
If the General Journal entries are: Accounts Payable (Cr) $1 320; GST Clearing (Dr) $120 and Inventory (Dr) $1 200, the following entry will be posted on the Accounts Payable ledger account:
Inventory/GST Clearing $1 320 (on the Dr side)
Inventory/GST Clearing $1 320 (on the Cr side)
Inventory $1 200 (on the Cr side)
Inventory $1 200 (on the Dr side)
The two-fold effect of the following transaction is:
Owner withdrew $650 in cash.
Cash at bank decreases by $650; Net profit decreases by $650.
Cash at bank decreases by $650; Loan increases by $650.
Cash at bank decreases by $650; Owner's equity decreases by $650.
Inventory decreases by $650; Owner's equity decreases by $650.
If the business records an opening balance on the Cr side of the Cash at Bank ledger account, the business has a _________ balance in their bank account.
positive
negative
zero
Any increases in drawings will be recorded on the _________ side of its ledger account.
left (Dr)
right (Cr)
